The Bahrain Petroleum Company’s marketing division has produced remarkable results in 2013, with major milestones being achieved over the business year in its various spheres such as sales, distribution, retail operations and so on.
“Middle Distillates accounted for 57% followed by fuel oil 19% sold primarily to the Middle East bunker market and naphtha 19% sold mostly to the Asian petrochemical manufacturers,” Bapco’s General Manager Marketing, Khalid Ebrahim Buhazza, said.
“Abu Sa’afah crude exports totaled 52.1 million barrels in 2013 compared to 48.2 million barrels in 2012. Crude exports during this year were higher as the technical issues were encountered in 2012 were resolved and production from Abu Sa’afah field was back to normal rates in second half of 2013,” he added.
“The average price realized for Abu Sa’afah crude was US$ 106.2 per barrel compared to US$ 110.1 per barrel in 2012. Demand on medium and heavier grade crudes throughout the year remained relatively challenging. The marketing team managed to achieve higher premiums for the contractual volumes of Abu Sa’afah crude which directionally contributed positively to the Kingdom’s national budget,” he said.
“All our Sulphur; approximately 458,000 barrels-equivalent; was exported to Asia, with the Indian Subcontinent being the main market (49%) followed by Far East (23%) and the balance exported almost equally between South East Asia and Middle East,” he said.
“To meet our objectives to maximize the company’s profitability, we continued to capture market opportunities throughout the year by importing a mix of finished products and blending stocks which contributed to total benefits of about $5.5 million.”
“A total of 8,693 barrels per day (bpd) of Jet A-I fuel was supplied to Bahrain Aviation Fuelling Company (Bafco) at Bahrain International Airport, of which Bapco’s share announced to approximately 5,116 bpd. The total volume of local refined product sales amounted to 9.7 million barrels (a y-o-y increase of 1%), led by high octane (Mumtaz) gasoline (39% of sales), diesel (23%), low octane (Jayyid) Gasoline (22%), LPG (7%), Kero/Jet (6%) and Asphalt (3%).”
“Card Business Unit (CBU) has achieved the sales of 40,000 Sadeem smart fuel cards in Bahrain. Bapco’s next target is to achieve 80,000 cards and extend Sadeem service to 35 service stations by the end 2014,” Buhazza, said.