Sources: Bahrain's BAPCO has sent its first diesel cargo to Australia for two-and-a half years.
Bahrain's only oil refiner BAPCO Energies shipped its first diesel cargo in Australia for nearly two-and-a half years. This was based on data from shiptrackers, three sources of trade, and other sources. The company is ramping up production and exports as part of a capacity expansion.
Kpler shiptracking data and Vortexa shiptracking showed that around 400,000 barrels?diesel? were loaded onto the Torm Kirsten between December 9-11, from BAPCO’s Sitra refinery site. Another 140,000 barrels were loaded through ship-to ship transfers with the Zonda.
The ship tracking data indicated that Torm Kirsten should arrive in Australia's Kwinana Port between late December and January.
Trade sources reported that TotalEnergies, Total's shipping arm, chartered the vessel. The French oil giant, after signing a 2024 agreement to increase their cooperation, was responsible for the majority of BAPCO export sales.
Bahrain's continued exports will be subject to whether the arbitrage window is profitable. This is because Asia's trade position is long, and Northwest Europe is a net importer.
BAPCO Energies has not yet commented on this matter.
TotalEnergies has declined to comment.
Two separate sources with knowledge of the matter confirmed that BXT Trading will be the primary entity responsible for Sitra's refined fuel exports.
BXT Trading’s main office is located in Dubai. Several executives and sales staff are already located there, according to the company.
Analysts at FGE NexantECA said that the output of naphtha from Sitra refinery is expected to grow by 22,000 bpd by 2026. Production of gasoil, jet fuel and oil will likely increase by 40,000 and 24,000 bpd respectively. Product yields are expected to "stabilise" by the end or January.
Kpler shiptracking data shows that BAPCO is increasing its exports of jet?fuel as well as diesel. Diesel volumes reached an unprecedented high?of 4 million barrels in November, while jet fuel averaged 3 million barrels.
A December 7 press release from the company stated that production levels had increased to 380,000 barrels per daily, but did not specify a timeline.
(source: Reuters)
