India’s MRPL sells August naphtha at a premium of $29.50/tonne

17 July 2012 07:18  [Source: ICIS news]

SINGAPORE (ICIS)--India’s Mangalore Refinery and Petrochemicals Ltd (MRPL) sold by tender a naphtha cargo of 35,000 tonnes at a premium of $29.50/tonne (€23.90/tonne) to state-owned Petrochina, traders said on Tuesday.

The naphtha lot, which will be loaded on 8-10 August from New Mangalore, was awarded to Petrochina Middle East spot quotes on a FOB (free on board) basis, they said.

The premium fetched was 31% higher than state-owned MRPL’s previous sales for end July loading to Arcadia.

“The [crack] spread is looking good, supporting the higher premiums,” a Singapore-based trader said.

On Monday’s close, the naphtha crack spread against September Brent was at a two-month high of $85.10/bbl, according to ICIS.

($1 = €0.81)

By: Ong Sheau Ling
+65 6780 4359

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