Indian Oil offers 70,000 tonnes naphtha for Sept

12 August 2010 05:19  [Source: ICIS news]

SINGAPORE (ICIS)--Indian Oil Corp (IOC) has issued a tender to sell 70,000 tonnes of naphtha for loading next month, a trader said on Thursday.

IOC offered 35,000 tonnes for loading from Dahej on 10-12 September as well as a similar-sized lot for loading from Chennai on 10-13 September, he added.

The tender closes on 17 August, with bids to stay valid until 18 August, the trader said.

In its last tender, IOC sold 35,000 tonnes to Chevron at a premium of $5.50/tonne (€4.29/tonne) to IOC price formula FOB (free on board) for loading from Dahej on 21-23 August.

A second 35,000 tonne cargo was awarded to trader Vitol at a premium of $10.50/tonne to the same price formula for loading from Chennai on 26-29 August.

The third cargo, 30,000 tonnes from Kandla, was sold to trading firm Glencore at a premium of $3.50/tonne to IOC formula for loading on 26-29 August.

($1 = €0.78)

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By: Felicia Loo

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