India’s HMEL sells 25,000 tonnes naphtha to Glencore

08 May 2013 03:25  [Source: ICIS news]

SINGAPORE (ICIS)--India’s HPCL-Mittal Energy Ltd (HMEL) has sold by tender a 25,000 tonne naphtha cargo to Glencore for loading in the second half of May, traders said on Wednesday.

The loading dates are 18-22 May, they added.

The deal for the cargo was done at a premium in the high $30s/tonne (€22.80/tonne) to Middle East quotes FOB (free on board), traders said.

HMEL is a joint venture between Hindustan Petroleum Corp Ltd (HPCL) and Mittal Energy Investment. Each company holds a 49% stake in HMEL, while the remaining 2% interest is held by financial institutions.

($1 = €0.76)

By: Felicia Loo

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