Indian Oil Corp to award tender to sell 60,000 tons of March loading naphtha

04-Mar-10

Amid strong demand and restricted supplies, Indian Oil Corp (IOC) will award a tender to sell 60,000 tons of naphtha for late March loading, anticipating a higher premium. 30,000 tons each will be sold for March 24-27 loading from Chennai, and Kandla port in a tender that closes on Thursday. A premium of over US$16/ton was fetched on an earlier shipment, o its own price formula on a free-on-board (FOB) basis for 30,000 tons sold to Sempra for March 7-9 loading from Kandla. After exporting 200,000 tons in February, IOC is expected to cut its supplies by 50,000 tons in March due to a new cracker starting up at end of month.