India's ONGC sells 70,000 tonnes naphtha for end November

04 November 2011 04:05  [Source: ICIS news]

SINGAPORE (ICIS)--Indian refiner Oil and Natural Gas Corp (ONGC) has sold by tender two 35,000 tonne cargoes of naphtha for loading on 23-24 November, traders said on Friday.

Trading firm Mercuria won the heavy-grade cargo at a premium of $9.19/tonne (€6.62/tonne) to Middle East quotes FOB (free on board) for loading from Mumbai, while Total was awarded the cargo ex-Hazira at Middle East quotes FOB plus $19/tonne, they added.

In its last tender, ONGC sold 35,000 tonnes of naphtha to Japanese company Mitsui for loading from Hazira on 14-15 November at a premium of $18.00/tonne to Middle East quotes FOB.

($1 = €0.72)

For more on naphtha, visit ICIS chemical intelligence

By: Felicia Loo

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