India refiners sell Aug-Sep naphtha at higher premiums

06 August 2012 08:59  [Source: ICIS news]

SINGAPORE (ICIS)--Three Indian refiners have sold by tender a total of 80,000 tonnes of naphtha for end-August to early-September loading at higher premiums compared with previous sales, buoyed by improved product margins and crack spreads, traders said on Monday.

State-owned Mangalore Refinery and Petrochemicals Ltd (MRPL) sold a 35,000-tonne naphtha parcel through tender for 9-11 September loading from New Mangalore to PetroChina at a premium of $29.50/tonne (€23.90/tonne) to Middle East FOB (free on board) quotes, 34% higher than the premium obtained from the end August loading.

Separately, Indian refiner Oil and Natural Gas Corp (ONGC) sold by tender a 35,000-tonne naphtha parcel for loading from Hazira on 28-29 August to France’s Total at a premium of $27.50/tonne to Middle East FOB quotes.

This was 10% higher than the amount obtained in the tender for 18-19 August loading.

Bharat Petroleum Corp Ltd (BPCL) sold by tender a 10,000-tonne cargo for 24-28 August loading from Haldia to trading firm Vitol at a premium of $12.00/tonne to Middle East FOB quotes, a higher premium as compared with its previous sale at $11.00/tonne to Middle East FOB quotes for 5-9 August loading.

($1 = €0.81)

By: Ong Sheau Ling
+65 6780 4359

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