12 January 2009 09:35 [Source: ICIS news]
SINGAPORE (ICIS news)--India’s naphtha exports have fallen drastically and may continue to remain low due to surging demand from domestic buyers, industry sources said on Monday.
A monthly average of about 500,000 tonnes of naphtha was shipped out of ?xml:namespace>
For January and February this year, traders pegged
Indian naphtha exports have dwindled as they are diverted to the domestic market, where Indian power stations are using the feedstock as fuel rather than liquefied natural gas (LNG).
LNG prices are at least $120/tonne (€88.8/tonne) higher than naphtha prices.
Last week, LNG was pegged at around $500/tonne CFR (cost-and-freight) while naphtha averaged $380/tonne CFR Japan.
Bharat Petroleum Corp (BCPL) had recently opted to sell its intended exports of 90,000 tonnes of low-aromatics naphtha (LAN) to domestic Indian end-users. The tender had originally offered these supplies for lifting over April-June from Mumbai.
The reduced volume from
($1 = €0.74)
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