ONGC offers fourth May naphtha cargo

23 April 2007 07:01  [Source: ICIS news]

SINGAPORE (ICIS news)--India’s Oil & Natural Gas Corp (ONGC) has issued a tender to export more naphtha for May loading, its fourth cargo for the month, the Indian refiner said in a document issued on Saturday.

ONGC offered one 30,000-tonne naphtha cargo for 28-30 May loading from New Mangalore, west coast of India, the refiner said. The tender will close on 26 April, with bids to remain valid for one day.

The refiner has tendered to export three cargoes for May in the past few weeks, the typical volume it exports each month. But export volumes had dwindled from January to March this year due to India’s strong naphtha feedstock demand for power generation, traders said.

In April, however, India's total naphtha exports have reached slightly above 600,000 tonnes as recent spot and term sales tenders have suggested, due to slower naphtha demand from the power plant sector.

By: Nurul Darni
65 6789 4359

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