HPCL awards term export tender for 180000 tons of May-October loading naphtha

03-Apr-08
Hindustan Petroleum Corp Ltd. (HPCL) has awarded a term export tender for 180000 tons of May-October loading naphtha at a premium of US$15/ton to Middle East quotes. It will comprise a total of six 30000 ton cargoes for loading every month from Vizag- a port in Eastern India, on a free on board basis. It was sold to Itochu at around the same premium fetched in HPCL's last deals for three February shipments, done at a premium of US$14.00-15.50. HPCL sold similar volumes of naphtha for loading from July to December last year, also to Japanese trader Itochu at premiums of slightly above US$20/ton. Past few weeks have seen a weakening naphtha market in Asia, mainly due to sluggish demand from North Asia. Petrochemical plants that have been on maintenance shutdown are projected to restore normal operations, resulting in a recovery in demand by May.
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