State-owned Bangladesh Petroleum Corporation (BPC) has concluded first-half 2014 term negotiations with nine companies for oil products at mostly unchanged current premiums, a senior BPC official said on Thursday.
Premiums will be unchanged for all oil products except fuel oil, said the official, who was among BPC officials who took part in the negotiations with oil companies in Singapore this week.
BPC finalised its gasoil contract for the first half of 2014 at a premium of $4.80 per barrel over Middle East quotes, while the term contract for jet fuel has been fixed at a premium of $5.80 per barrel, remaining unchanged from July-December deals.
The premium for fuel oil for the first half of 2014 will be $35 a tonne to Singapore spot quotes, down from $37 a tonne for current term cargoes and from $39.50 a tonne a year ago.
Suppliers for Bangladesh's middle distillates contracts are Kuwait Petroleum Corp (KPC), Malaysia's Petronas, Egypt's Middle East Oil Refinery, Emirates National Oil Company (ENOC), Philippines National Oil Company, Vietnam's Petrolimex, Indonesia's Bumi Siak Pusako, Maldives National Oil Co and Unipec.