25 November 2013 02:08 [Source: ICIS news]
SINGAPORE (ICIS)--Indian state-owned refiner Oil and Natural Gas Corp (ONGC) is selling by tender a 35,000 tonne naphtha cargo for loading from Mumbai in the second half of December, according to a tender document obtained by ICIS on Monday.
The cargo is scheduled for loading on 20-21 December, it showed.
The tender closes on 27 November, with bids to stay valid until 28 November, the document stated.
ONGC issued a tender late last week to sell a similar-sized naphtha cargo for loading from Hazira on 16-17 December. That tender closes on 27 November, with bids to stay valid on the same day.
In its previous tender, ONGC sold 35,000 tonnes of naphtha for loading from Hazira on 2-3 December to Japanese trading firm Marubeni. The deal for the cargo was done at a premium of $38/tonne (€28/tonne) to FOB (free on board) Middle East quotes.
In recent weeks, Indian refiners have limited naphtha volumes for export owing to plant turnarounds. However, the supply from India is expected to rise following the end of plant maintenance, traders said.
($1 = €0.74)
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