Bharat Petroleum sells naphtha cargo at $35-39/tonne premium

27 April 2009 09:01  [Source: ICIS news]

SINGAPORE (ICIS news)--India’s Bharat Petroleum Corp (BPCL) has sold a heavy naphtha cargo for second half of May lifting at an “attractive” premium, according to industry sources on Monday.

The premium was $35-39/tonne to Middle East quotes FOB (free on board) Mumbai, the sources said.

The cargo was sold to Chevron and was likely destined for the company’s Korean operations.

The tender had offered a 27,000-tonne cargo of high aromatics naphtha for loading over 25-29 May from Mumbai, India. The tender closed on 23 April.

Bharat previously sold a similar parcel at a record high of $49.88/tonne to Middle East quotes FOB Mumbai for lifting over 22-27 March to the same buyer. The premium was the highest this year.

Demand for heavy naphtha remained healthy from Korean, Japanese and Chinese refiners, who will use it for either motor-gasoline blending or the aromatics pool.

There is currently a shortage of the feedstock, as producers have been keeping it for captive use.

In comparison, premiums for recent deals of paraffinic and full-range material were only at $10-11/tonne to Middle East quotes FOB India.

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By: Desmond Chia
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