India’s HMEL re-offers first naphtha export; buying interest low
21 June 2012 10:00 [Source: ICIS news]
SINGAPORE (ICIS)--?xml:namespace>India’s HPCL-Mittal Energy Ltd (HMEL) has re-offered its first naphtha parcel for export, but buying interest was subdued because of the small lot size and the unknown grade specification, traders said on Thursday.
HMEL cancelled its first offer for 8,000-10,000 tonnes of naphtha for 20-29 June loading, after seeing bids that were too low when the tender closed on 12 June, they said.
Early this week, HMEL re-offered a larger lot of 14,000 tonnes for 1-7 July loading, they added.
However, buying interest from most traders was low.
“The parcel is too small, and the freight will be rather expensive,” a Singapore-based trader said.
“The specification is unknown. Risks are too high,” another trader based in Singapore said.
HMEL commissioned its new refinery, with a production output of 180,000 bbl/day, at Bathinda in northern Punjab state on 29 March.
HMEL is a joint venture between state-owned Hindustan Petroleum Corp Ltd (HPCL) and Mittal Energy Investments, the Singapore-based subsidiary of Luxembourg-incorporated Mittal Investments.
By: Ong Sheau Ling+65 6780 4359
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