India’s Reliance sells 75,000 tonnes naphtha for April loading

23 March 2011 05:43  [Source: ICIS news]

SINGAPORE (ICIS)--India’s Reliance Industries Limited (RIL) has sold by tender 75,000 tonnes of naphtha for loading from Sikka at Gujarat state on 9-15 April at a higher premium, traders said on Wednesday.

The cargo was done at a premium of $25-27/tonne (€18-19/tonne) to Middle East quotes FOB (free on board), up from a premium of $22/tonne fetched in a previous tender for a late March-loading stem, they added.

Naphtha fundamentals improved as the product is used for blending in gasoline, which is in high demand in Japan, following the 11 March earthquake, traders said.

($1 = €0.70)

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By: Felicia Loo

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