Indian Oil sells 30,000 tonnes naphtha at $24/tonne premium

08 May 2013 03:18  [Source: ICIS news]

SINGAPORE (ICIS)--Indian Oil Corp (IOC) has sold by tender a 30,000 tonne naphtha cargo for loading from Kandla on 23-25 May, traders said on Wednesday.

The buyer was Total and the deal for the cargo was done at a premium of $24.00/tonne (€18.24/tonne) to IOC pricing formula FOB (free on board), they added.

Meanwhile, the state-owned oil and gas company is offering by tender a naphtha cargo of 35,000-40,000 tonnes for loading from Dahej on 30 May-1 June.

The tender closes on 8 May, with bids to stay valid until 9 May.

In its previous tender, IOC sold a 20,000 tonne naphtha cargo for loading from Kandla on 8-10 May as well as a 10,000 tonne naphtha cargo for loading from the same port on 14-16 May.

Trading firm Vitol was the buyer of the Kandla-loading cargoes, which were sold at a premium of $36.30/tonne to IOC pricing formula FOB.

In the same tender, IOC also sold 35,000-40,000 tonnes of naphtha to Total for loading from Dahej on 14-16 May, at a premium of $36.15/tonne to IOC pricing formula FOB.

($1 = €0.76)


By: Felicia Loo



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