Reliance offers 80,000 ton for August lifting, IOC offers prompt cargo

Reliance has offered spot naphtha cargo of 80,000 tons for August 6-10 lifting from Sikka. August exports are expected by many market players to be more than the previous months because of additional output from the newly started up crude distillation (CDU) unit at the newer refinery. The first CDU commenced in December 2008, and the second CDU was commissioned last week. Though almost half of the older 660,000 bpd refinery will be shut in July for a two week maintenance turnaround, the markets will be little affected because of waning domestic consumption as customers change over to the cheaper feedstock alternative- gas. The sudden shutdown at Haldia caused by a fire has created a naphtha supply build up. As a result, Indian Oil Corp (IOC) is seeking buyers for 15,000 tons of naphtha for prompt lifting from Haldia. The parcel has been offered for July 16-20 lifting from Haldia. IOC’s customary naphtha exports for the month average to 180,000 tons from Dahej and Kandla, and it is known to offer cargoes from Haldia when Haldia Petrochemicals is unable to consume the volumes.
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