India’s ONGC offers first July naphtha export

14 June 2007 09:56  [Source: ICIS news]

SINGAPORE (ICIS news)--India’s Oil and Natural Gas Corp (ONGC) has issued a tender to export naphtha for July loading, its first cargo for the month, the refiner said in a document issued on Thursday.

 

More July cargoes were set to be offered from India as naphtha feedstock demand waned domestically in the face of less expensive natural gas feedstock, traders said.

 

ONGC offered one 35,000-tonne naphtha cargo for 7-9 July loading from Mumbai, west coast of India, the refiner said. The tender will close on 20 June, with bids to remain valid for one day.

 

“I reckon ONGC will start offering some more July cargoes before the end of the month,” a trader in Japan said.

 

Natural gas, which is about 15%-20% cheaper, was replacing naphtha for usage in power, petrochemical and fertilizer plants in India, traders added.

 

By: Nurul Darni
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