Pertamina's trading arm cancels naphtha auction
Monday, October 18 2004 - 03:35 AM WIB
Pertamina's trading arm Pertmina Energy Trading Limited (Petral) has cancelled the tender of its naphtha and low sulphur wax residue (LSWR) due to protests from two independent traders Trafigura and Vitol, Bisnis Indonesia reported on Monday.
The daily reported that several companies had joined the tender to sell one million barrels of LSWR, 900,000 barrels of naphtha from Pertamina's Plaju refinery, and 880,000 barrels of naphtha from the Balikpapan refinery.
However, the tender was protested by Tarfigura and Vitol which both claimed that they had won the contracts to sell Pertamina's LSWR and naphtha. After the protests, Petral planned to re-tender the LSWR and naphtha sales on Oct. 11, but it failed to carry out the plan due to unknown reason. (*)