India’s ONGC sells 35,000 tonnes naphtha for 10-11 Aug

19 July 2010 08:32  [Source: ICIS news]

SINGAPORE (ICIS news)--India’s Oil and Natural Gas Corp (ONGC) has sold by tender only one 35,000 tonne cargo of naphtha for loading on 10-11 August, instead of 70,000 tonnes as planned, traders said on Monday.

The buyer was energy major Shell, they said.

The cargo fetched a discount of $5.50/tonne (€4.24/tonne) to Middle East quotes FOB (free on board), while the company did not award the second similar-sized cargo for loading on 20-21 August due to low bid levels, traders said.

Prices fell drastically due to a bearish naphtha market, which was awash in surplus and poor demand, they said.

ONGC last sold by tender 35,000 tonnes of naphtha at a premium of $6.00-7.00/tonne to Middle East quotes FOB for loading from Mumbai on 18-19 July.

($1 = €0.77)

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By: Felicia Loo

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