India’s ONGC awards naphtha tender offering, mid-April loading

26 March 2012 14:53  [Source: ICIS news]

SINGAPORE (ICIS)--Indian refiner Oil and Natural Gas Corp (ONGC) has awarded a tender offering 35,000 tonnes of naphtha at a premium lower than for a similar cargo it sold last week, traders said on Monday.

The naphtha cargo was sold for loading from Hazira, western India, on 17–18 April, to Switzerland-based trader Gunvor at a price near Middle East market quotes plus $40–42/tonne (€30–32/tonne) FOB (free on board) Hazira, traders said.

ONGC awarded a tender on 19 March offering 35,000 tonnes of 7–8 April loading naphtha to Japanese trader Itochu at Middle East market quotes plus $50.00/tonne FOB Hazira.

Naphtha premiums have softened amid easing concerns over supplies and subdued buying interest from regional cracker operators.

($1 = €0.75)

By: James Dennis
+65 6780 4359

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