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BPC floats second tender in four months to sell NGC

Bangladesh Petroleum Corporation (BPC) has floated an international tender to sell around 120,000 barrels of natural gas condensate (NGC).

This will only be the second consignment of NGC that BPC would export over past four years.

The supply of condensate however has increased recently with the escalation of natural gas production from around 2,300 million cubic feet per day (mmcfd) to around 2,700 mmcfd within the past several months.

Official with the state owned entity told energynewsbd.com that the deadline for bid submission is set is November 11 and the offer will remain valid until November 17.

The NGC will be sold on free-on-board (FOB) basis from Chittagong, officials said adding that NGC will be delivered to the bid winner from Chittagong during the period between November 22 and 24.

The Pricing of the NGC would be determined on the basis of the Mean of Platts Singapore (MoPS) naphtha assessment.

In August this year, BPC sold another 120,000 barrels of NGC to Trafigura at a discount of US$ 0.38 per barrel to the MoPS naphtha assessments.

That means the Dutch company got the deal with at a price below US$ 0.38 per barrel from the naphtha price in international marke.

Earlier, the state owned BPC had exported condensate for consecutive three years until 2011 when some 18 parcels of similar volume were exported. It collects condensate as a by-product of producing gas fields from different wholly-owned subsidiary companies of Petrobangla.

Acording to the statistics from Petrobangla, the country`s condensate output is currently hovering around 12,230 barrels per day as on November 10.

The condensate produced at various gas fields in 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.

Besides, some private petrochemical companies are showing their reluctance in purchasing condensate from local sources as they have been preferring import of condensate.

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