Indian Oil sells 30,000t naphtha for late September to Itochu

15 September 2010 05:24  [Source: ICIS news]

SINGAPORE (ICIS)--Indian Oil Corp (IOC) has sold by tender 30,000 tonnes of naphtha to Itochu for loading from Kandla on 28-30 September, traders said on Wednesday.

The cargo fetched a premium of $8/tonne (€6/tonne) to IOC price formula FOB (free on board), they said.

Prices were on a downtrend due to hefty prompt supply and lacklustre demand, traders said.

In its previous tender, IOC sold a combined cargo for 10,000 tonnes to be loaded from Nagapattinam and 25,000 tonnes to be loaded from Chennai, at a premium of $16/tonne to its FOB pricing formula. The co-loading dates fall on 25-28 September.

IOC also sold 35,000 tonnes of naphtha for loading from Dahej on 28-30 September at a premium of $12.50/tonne to its FOB pricing formula.

($1 = €0.77)

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By: Felicia Loo

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