Brunei Fertilizer sells first urea cargoes

State-owned producer Brunei Fertilizer Industries (BFI) has sold its first two granular urea cargoes comprising 6,000-7,000t each for delivery to Thailand and South Korea.

The cargo for Thailand is expected to be delivered later this week, while the cargo for South Korea will be delivered in early February.

The deal was likely concluded at $740-750/t cfr, according to several market participants. Freight from Brunei to Thailand is estimated at around the mid-$20s/t.

BFI is ramping up production at its 1.3mn t/yr urea plant that recently went into commercial operation.

By Aabha Gandhi