27 July 2012 07:52 [Source: ICIS news]
SINGAPORE (ICIS)--Indian refiner Oil and Natural Gas Corp (ONGC) sold by tender 35,000 tonnes of naphtha for loading from Mumbai on 11-12 August at a premium that is 35% than its previous sale, traders said on Friday.
The parcel, which was sold to France’s Total, fetched a premium of $21.50/tonne (€17.42/tonne) to Middle East quotes FOB (free on board), 35% lower than the previous sale of a similar sized cargo to the same buyer at a premium of $33.00/tonne for 5-6 August loading.
“Lower premiums are in line with the narrower intermonth spread,” a Singapore-based trader said.
($1 = €0.81)
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