India’s ONGC sells 35,000tonne/year Aug naphtha at lower premium

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)

By: Ong Sheau Ling
+65 6780 4359

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