BPCL, China's Unipec in 1st naphtha term deal: Traders.

India's Bharat Petroleum Corp Ltd. (BPCL) has signed a four-month naphtha sales deal with Chinese trading house Unipec, the first term deal between the two parties, traders said recently.

Unipec will lift a 35,000-tonne cargo each month from Kochi port from July to October, or a total of 140,000 tonnes during the four-month period.

The deal was done at around $1.00 a tonne premium to the refiner's own pricing formula on a free-on-board (FOB) basis, the traders said.

BPCL which holds two other short-term naphtha contracts with Japan's Idemitsu Kosan, has separately sold a 38,000-tonne spot cargo for June 21-23 loading from Mumbai to another Chinese trader - PetroChina - at a premium of about $40 to $41 a tonne to Middle East quotes on FOB basis, traders added.

ET