Bapco has signed up the deal at premium down 74 pc vs 2014
Bahrain sells 2015 naphtha at premium $7.25 per tonne
SINGAPORE, November 19, 2014
Bahrain Petroleum Co (Bapco) has signed its 2015 naphtha deal with at least one buyer at $7.25 a tonne above Middle East quotes on a free-on-board (FOB) basis, down 74 per cent from its existing contract price, traders said.
The fresh premium was also the lowest for Bapco in at least four years as high supplies had hit sellers hard, causing prices to dive since the third quarter.
Bapco was initially targeting $15 a tonne before lowering that to $10 against bids at $5.
Bapco is also expected to sign its 2015 diesel and jet fuel deals, but traders said the Middle Eastern supplier is still likely in talks with buyers over the price.--Reuters
