India’s HMEL closes naphtha sell tender for 10-12 July loading

19 June 2013 10:30  [Source: ICIS news]

SINGAPORE (ICIS)--India’s HPCL-Mittal Energy Ltd (HMEL) has closed a tender earlier on Wednesday to sell a 20,000 tonne naphtha cargo for loading on 10-12 July, traders said.

Further details are not yet available.

In its previous tender, HMEL sold a 20,000 tonne naphtha cargo for loading on 24-25 June. The deal for the cargo, which is largely for gasoline blending, was done at a premium of around $50/tonne (€38/tonne) to Middle East quotes FOB (free on board).

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 = €0.75)

By: Felicia Loo

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