India’s HMEL awards mid-July naphtha sale tender at lower premium

20 June 2013 10:15  [Source: ICIS news]

SINGAPORE (ICIS)--India’s HPCL-Mittal Energy Ltd (HMEL) has sold by tender a 20,000- tonne naphtha cargo for loading on 10-12 July, to trading company Trafigura, traders said on Thursday.

The deal for the cargo, which is likely to be used for gasoline blending, was done at a premium of around $37/tonne (€28/tonne) to Middle East quotes FOB (free on board), they said.

In its previous tender, HMEL sold a 20,000-tonne naphtha cargo for loading on 24-25 June. The deal for the cargo was done at a premium of around $50/tonne to Middle East quotes FOB.

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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