India’s IOC awards April-June naphtha sell tender

03 March 2008 09:27  [Source: ICIS news]

SINGAPORE (ICIS news)--Indian Oil Corp (IOC) has awarded its April to June sell tender for three cargoes of 31,000 tonnes of naptha each from its Dahej refinery, industry sources said on Monday.

IOC sold the cargoes at a premium of around $12-13/tonne over Middle East quotes, FOB (free on board), they added.

The company was said to have cancelled its other two tenders, which offered six cargoes, to be loaded one cargo each month between April and September from Kandla and six cargoes to be loaded from its Dahej refinery.

The cancellation might be attributed to the pricing issues, sources said, though exact details remained sketchy.

All three tenders closed February 28, with validity until February 29.

Last year, IOC sold six cargoes of naphtha for October to March loading at a premium of $8/tonne over its pricing formula on an FOB Kandla basis, and seven cargoes, each with 31,500 tonnes of naphtha at about $7/tonne premium on FOB Dahej basis.

By: Desmond Chia
+65 6780 4359

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