Indian Oil offers November naphtha cargo

23 October 2007 05:19  [Source: ICIS news]

SINGAPORE (ICIS news)--Indian Oil Corp (IOC) has offered one cargo of open-spec naphtha for loading in the middle of November from Chennai via tender, traders said on Tuesday.  

IOC offered one 30,000-tonne cargo for loading in 12-15 November which will close later on Tuesday, with bids to remain valid until Wednesday.

The Indian refiner last sold one 30,000-tonne cargo of open-spec naphtha for 18-21 October loading from the same port to European trader Vitol at $4.30/tonne premium to IOC’s price formula, FOB (free on board) Chennai.

In recent months, India’s average monthly naphtha exports this year have reached record-high levels of around 900,000 tonnes to 1m tonnes especially during September and October.

This was due to India’s industrial consumers switching to cheaper natural gas over naphtha.

By: Nurul Darni
65 6789 4359

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