India’s Reliance sells 75,000 tonnes naphtha at $42/tonne premium

05 November 2012 01:52  [Source: ICIS news]

SINGAPORE (ICIS)--India’s Reliance Industries Ltd (RIL) has sold 75,000 tonnes of paraffinic naphtha and heavy naphtha to Glencore for loading from Sikka at the end of November, traders said on Monday.

The deal for the cargoes was done at a premium of $42.00/tonne (€32.80/tonne) to Middle East quotes FOB (free on board), they added.

RIL previously sold 50,000 tonnes of spot naphtha to Chinese trading firm Unipec at a premium of $35.00-36.00/tonne to Middle East quotes FOB for loading from Sikka on 25-30 October.

The premium rose in the latest tender because of tight regional supply and strong demand in northeast Asia, traders said.

($1 = €0.78)

By: Felicia Loo

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