India’s ONGC awards tender offering to France’s TOTSA

30 March 2012 05:03  [Source: ICIS news]

SINGAPORE (ICIS)--Indian refiner Oil and Natural Gas Corp (ONGC) awarded a tender offering of 35,000 tonnes of naphtha for loading from Hazira, western India on 30 April to 1 May to France’s Total Oil Trading SA (TOTSA), several traders said on Friday.

The tender offer was awarded at a premium of above plus $40/tonne (€30/tonne) to FOB (free on board) Middle East quotes, they added.

ONGC previously sold by tender 35,000 tonnes of naphtha to Swiss-based trader Gunvor at plus $40-42/tonne to FOB Middle East price quotes on 26 March, the traders said. 

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

($1 = €0.75)

By: Quintella Koh
+65 6780 4372

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