India's ONGC, MRPL sell 70,000 tonnes naphtha at higher premiums

05 July 2012 10:54  [Source: ICIS news]

SINGAPORE (ICIS)--India’s Oil and Natural Gas Corp (ONGC) and its unit Mangalore Refinery and Petrochemicals (MRPL) sold in total 70,000 tonnes of naphtha for second-half July loading through tenders, traders said on Thursday.

ONGC awarded its tender to export a 35,000 tonne heavy full-range naphtha cargo from Hazira at a premium slightly below $28.00/tonne (€22.40/tonne) to Middle East spot quotes on a free-on-board (FOB) basis. The 24-25 July loading cargo was heard to have been booked by SK Energy, traders said.

ONGC's subsidiary MRPL supplied to Arcadia a similar-sized cargo loading on 28-30 July from New Mangalore at a premium of around $22.50/tonne to the same quotes, they said.

Both refiners last sold their July shipments at lower premiums of around $14.00-19.50/tonne.

($1 = €0.80)

By: Yeow Pei Lin

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