Indian Oil sells 36,000-38,000 tonnes H1 October naphtha

20 September 2012 03:34  [Source: ICIS news]

SINGAPORE (ICIS)--State-owned refiner Indian Oil has sold by tender 36,000-38,000 tonnes of naphtha for loading in the first half of October, traders said on Thursday.

The company sold 30,000 tonnes of naphtha for loading from Kandla on 8-10 October to Oil Company of the Azerbaijan Republic (SOCAR) at a premium of $26-27/tonne (€20-21/tonne) to Middle East quotes FOB (free on board), they said.

To Vitol, Indian Oil sold 6,000-8,000 tonnes of naphtha for loading from Haldia on the same dates at a discount of 45/tonne to Middle East quotes FOB, traders said.

The cargo ex-Haldia contained high amount of methyl tertiary butyl ether (MTBE), they added. MTBE is used as an additive to boost octane levels in gasoline.

Indian Oil previously sold by tender 35,000-40,000 tonnes of naphtha for loading from Dahej on 1-3 October to SOCAR at a premium of more than $40/tonne to Middle East quotes FOB.

($1 = €0.77)

By: Felicia Loo

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