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Bapco Seals 2015 Gasoil, Jet Fuel at Lower Premiums

Source: Reuters 11/25/2014, Location: Middle East

Bahrain Petroleum Co ( Bapco ) has sealed its 2015 gasoil and jet fuel term deals at lower premiums than the current year, industry sources said.

Term premiums were set lower as buyers expected reduced import demand from Saudi Arabia and more supply from the Middle East due to new refining capacity, the sources said.

Bapco set the 500ppm sulphur gasoil term prices for 2015 at a premium of $1.45 a barrel above Middle East quotes, down from this year's $2.50 a barrel level, they said.

It also set its jet premium for 2015 at $1.85 a barrel to Middle East quotes, down from this year's $2.15 a barrel premium.

Buyers include BB Energy, Oman Trading International and Vitol, they said.

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