2 naphtha cargoes traded by BPCL at a high premium despite feeble market sentiment

30-Jul-08
Out of the four naphtha cargoes (108,000 tons), Bharat Petroleum Corp Ltd (BPCL) has traded two of them totaling to 54,000 metric tons at a relatively high premium despite feeble market sentiments. 27,000 metric tons of high aromatic naphtha for September lifting was traded to South Korea's SK Energy fetching a premium of US$32 and the same capacity for October lifting was sold to Petronas at a premium of US$31/ton. The naphtha prices in both the cases were tied to the Middle East quotes on Free on Board (FOB) basis. However, BPCL had earlier sold 30,000 tons of low aromatic naphtha for July 20-25 lifting to SK Energy at $40.00 a ton premium to Middle Eastern quotes, FOB. As per a company source, BPCL has decided to route back 27,000 metric tons of aromatic naphtha to the domestic markets which were expected to be sold for November and January loading.
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