India’s MRPL sells spot naphtha cargoes for Dec-Feb loading

20 November 2012 02:14  [Source: ICIS news]

SINGAPORE (ICIS)--India’s Mangalore Refinery and Petrochemicals Ltd (MRPL) has sold by tender three 35,000 tonne naphtha cargoes for loading from the New Mangalore port from December to February, traders said on Tuesday.

MPRL sold the first cargo to Japanese petroleum company Idemitsu Kosan at a premium of $44.50/tonne (€34.70/tonne) to Middle East quotes FOB (free on board) for loading on 19-21 December, the traders said.

The remaining two cargoes for loading on 14-16 January and 16-18 February respectively were awarded to France’s Total at premiums of $42-45/tonne to Middle East quotes FOB, traders added.

In its previous spot tender, MRPL sold a 35,000 tonne naphtha cargo to Japanese trading firm Marubeni at a premium of $50.87/tonne to Middle East quotes FOB for loading from New Mangalore on 11-13 December. 

The premiums fell in the Indian refiner’s latest tender because of the rising deep-sea supply from Europe and the US, traders said.

MPRL is a subsidiary of Oil and Natural Gas Corporation Limited (ONGC).

($1 = €0.78)

By: Felicia Loo

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