India’s Essar Oil sells 35,000 tonnes naphtha for early-February

13 January 2011 06:36  [Source: ICIS news]

SINGAPORE (ICIS)--India’s Essar Oil has sold by tender 35,000 tonnes of naphtha to Shell for loading on 4–8 February from Vadinar in Gujarat state, traders said on Thursday.

The cargo was sold at a premium of $20/tonne (€15/tonne) to Middle East quotes FOB (free on board), down from the $22/tonne premium seen in a previous tender where Essar Oil sold a similar volume to Japan’s Itochu for loading from Vadinar on 23–27 January, they added.

“Supply is piling up in Asia,” said a trader, referring to the reason for the lower premium.

($1 = €0.76)

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By: Felicia Loo

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