India’s HPCL offers 2 naphtha cargoes for H2 April

02 April 2009 05:24  [Source: ICIS news]

SINGAPORE (ICIS news)--India’s Hindustan Petroleum Corp (HPCL) is offering two cargoes of 25,000 tonnes of naphtha each for second half of April, industry sources said on Thursday.

The two cargoes are offered from Mumbai with lifting over 14-19 April and 20-29 April. The tender closes on 6 April with validity up to later the same day.

HPCL previously sold 30,000 tonnes of heavy full-range naphtha for lifting over 28-30 March at a premium of $40/tonne to Middle East quotes FOB (free-on-board) Vizag.

But such high premiums have fallen to $15-16/tonne as traders were wary of forking out too much on cargoes, not certain if the healthy downstream petrochemical demand from Chinese end-users will sustain, sources said.

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By: Desmond Chia
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