Asia/Pacific News
Bangladesh Issues Tender for 160,000 Tonnes of Fuel Oil
The Bangladesh Petroleum Corporation (BPC) issued a tender to buy 160,000 tonnes of 180 cST HFO, part of the country's efforts to buy at cheaper rates and reduce direct-term deals, Reuters reports.
"Achieving more competitive rates is a main reason for switching to tenders," a BPC official said upon news of the tender, which is set to close on July 20 and will remain valid until October 2.
The fuel oil tender is noted to be the first such tender issued since BPC started importing through term deals with oil companies in late 2010, the BPC official noted.
In February, BPC issued a tender to buy 11 million barrels of diesel and jet fuel for delivery between August and December, which enabled the company to buy at lower rates than its term deals.
BPC is said to have imported 140,000 tonnes of fuel oil during 2016's first six months, with two further cargoes of 20,000 tonnes each slated for import in July and no plans for further imports through term deals for the rest of the year.
In February, Ship & Bunker reported that Bangladesh's State Minister for Energy Nasrul Hamid announced the government was considering a review of the country's oil prices.
