Trafigura awarded order to purchase BPC\\\'s natural gas condensate

Trafigura, a Singapore-based firm, has been awarded the tender by state-run Bangladesh Petroleum Corporation (BPC) to purchase 120,000 barrels of natural gas condensate (NGC) for delivery during November 22-24 on FOB (free on board) basis from Chittagong port, a senior BPC official told the FE Monday.
He said the BPC board in a meeting Sunday approved awarding of the NGC consignment to Trafigura, he added.
Trafigura earlier submitted the best bid at a discount of US$1.95 per barrel to the Mean of Platts Singapore naphtha assessments on close of bid submission deadline on November 11.
The offer means that Trafigura would provide the condensate price at US$1.95 per less than that of naphtha in the international market.   
The offer would be valid until November 17.
Vitol and Olive were the other bidders that submitted tenders on close of the deadline on November 11. They offered discount of $3.50 per barrel and $4.55 per barrel to MOPS naphtha assessments.
The BPC last awarded a similar-size parcel of the condensate for loading during August 23-25 to Olive for the first time in four years.
Olive had offered discount of $0.38 per barrel to MOPS naphtha assessments.
The BPC re-initiated export of NGC in August after four years of its previous export as the country’s output has been outpacing demand, BPC chairman AM Bardrudduja had told the FE earlier.
Bangladesh earlier had exported condensate for three years until 2011 when some 18 parcels of similar volume were exported.
The BPC collects condensate as a spin-off from producing gas fields in Bangladesh.
The country’s condensate output is currently around 12,000 barrels per day.
The condensate produced in various gas fields of the country is usually purchased by a number of private and public fractionation plants, petrochemical companies and the BPC’s wholly-owned subsidiary Eastern Refinery Ltd mainly for producing petrol and diesel.

-NZF-