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Asia Naphtha-Itochu leads in Bangladesh sell tender

Written by: Staff
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CHITTAGONG, Bangladesh, July 5 (Reuters) Singapore-based Itochu Petroleum Pvt Ltd made the best bid a tender by Bangladesh Petroleum Corp. (BPC) to export 150,000 barrels of open-specification naphtha for lifting later this month, officials said on Wednesday.

Itochu bid $2.03 a barrel below Singapore quotes in the tender, which closed on Tuesday. Results were announced a day behind schedule due to an opposition-led nationwide strike.

The Singapore arm of Vitol Asia Pte. Ltd. trailed Itochu with a bid at $2.24 a barrel below Singapore prices.

Swiss firm Glencore International AG, Indian firm Haladia Petro-Chemicals Ltd and the Swiss-Singapore Overseas Private Ltd also participated in the tender.

''Itochu is likely to be asked to lift the cargo on a free-on-board (FOB) basis, from July 27-29 at Chittagong port,'' a senior BPC official told Reuters.

BPC, owner of the country's sole 11 million barrels-per-year Eastern Refinery Ltd., last sold via tender a similar quantity of naphtha to the Singapore arm of Vitol Asia Pte. Ltd. at $2.95 a barrel below Singapore prices in March.

The refinery produces 1.8 million barrels of naphtha a year.

REUTERS VJ BD2032 .03 a barrel below Singapore quotes in the tender, which closed on Tuesday. Results were announced a day behind schedule due to an opposition-led nationwide strike.

The Singapore arm of Vitol Asia Pte. Ltd. trailed Itochu with a bid at

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