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FRIDAY, 18 APR 2014
06:59 PM Beirut time
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Syrian naphtha tender attracts no bids: traders
Reuters
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LONDON: A Syrian tender to sell naphtha has attracted no bids due to EU and U.S. sanctions, traders said on Wednesday, refuting suggestions by some market players that small trading houses might chance a deal.      

State-run oil marketer Sytrol issues tenders to sell naphtha and crude oil every month and European oil companies and traders typically win these.      

This month Sytrol issued a tender to sell 50,000 tonnes of naphtha for loading on Sept 20 to Sept. 22 from Banias but there was no participants, traders said.      

"They received no bids for the tender," one trader said. "No one wants it, not Europe nor Asia. They are starting to feel the sanctions."      

Another trader said: "Syria is too politically sensitive for most players. Plus we are finding ship owners unwilling to go there too."      

Late last week, Syria also issued a separate tender to sell crude oil for October loading. Several crude oil traders in Europe said they would not participate.      

The European Union banned imports of Syria's oil on Saturday to put economic pressure on President Bashar al-Assad, while allowing fuel sales to Syria to continue.      

Syrian oil under existing contracts can be still imported to the EU until Nov. 15.      

Arab League states on Tuesday called for "immediate change" in Syria and an end to the violence after months of a government crackdown on pro-democracy protesters opposed to al-Assad's rule.

 
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