Saturday 23 June 2018

Bapco exports soar to 85.5m barrels

Manama, February 9, 2014

Bapco achieved a major milestone by exporting 85.5 million barrels to international markets last year - an increase of one per cent over the previous year.

It also recorded significant headway on sales, distribution and retail operations, reported the Gulf Daily News, our sister publication, citing a company official.

"The petroleum products exports during 2013 totalled 85.5 million barrels compared to 83.6 million barrels in 2012, an increase of one per cent," Bapco general manager for marketing Khalid Ebrahim Buhazza said.

"Middle distillates (kerosene and diesel) accounted for 57 per cent followed by fuel oil at 19 per cent sold primarily to the Middle East bunker market and naphtha 19 per cent sold mostly to the Asian petrochemical manufacturers," he said.

"Abu Sa'afah crude exports totalled 52.1 million barrels in 2013 compared to 48.2 million barrels in 2012.

"Crude exports during this year were higher as the technical issues encountered in 2012 were resolved and production from Abu Sa'afah field was back to normal rates in the second half of 2013," he said.

The average price realised for Abu Sa'afah crude was $106.2 per barrel compared to $110.1 per barrel in 2012.

Demand on medium and heavier grade crudes throughout the year remained relatively challenging.

"The marketing team managed to achieve higher premiums for the contractual volumes of Abu Sa'afah crude which directly contributed positively to the kingdom's national budget," Buhazza said.

"All our sulphur - approximately 458,000 barrels-equivalent - was exported to Asia, with the Indian Sub-continent being the main market (49 per cent) followed by Far East (23 per cent) and the balance exported almost equally between South East Asia and Middle East," he said.

Buhazza said: "To meet our objectives to maximise the company's profitability, we continued to capture market opportunities throughout the year by importing a mix of finished products and blending stocks which contributed to total benefits of about $5.5 million".

"A total of 8,693 bpd of Jet A-I fuel was supplied to Bahrain Aviation Fuelling Company at Bahrain International Airport, of which Bapco's share was approximately 5,116 bpd.

"The total volume of local refined product sales amounted to 9.7 million barrels (a year-on-year increase of 1 per cent), led by high octane (mumtaz) petrol (39 per cent of sales), diesel (23 per cent), low octane (jayyid) petrol (22 per cent), LPG (7 per cent), kero/jet (6 per cent) and asphalt (3 per cent)."

"Card business unit has recently achieved the sales of 40,000 Sadeem smart fuel cards in Bahrain.

"Bapco's next target is to achieve 80,000 cards and extend Sadeem service to 35 service stations by the end of 2014," Buhazza said.-TradeArabia News Service

Tags: Bahrain | Exports | Bapco |

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