Indian Oil Corp sold a naphtha cargo last Thursday, bringing its total August exports to 97,000 tons, the highest monthly volume from the port of Chennai since 2015, as per industry source, as reported by Reuters. IOC sold the 35,000 ton naphtha cargo for Aug. 28-30 loading from Chennai to commodity trader Trafigura at a premium of about US$17/ton to its own price formula on a free-on-board (FOB) basis after extending the validity of the sales tender by a day, the sources said.
It was unclear why IOC's August exports were higher than its average monthly volume for the first seven months of this year at 55,000 tons. But of the three cargoes it sold for August, one cargo at 27,000 tons sold to Litasco at a premium of US$2 for Aug. 3-5 lifting was not within the usual specifications, the sources said. The other cargo sold for Aug. 16-18 went to BP at a premium of about US$13/ton, one of the sources said.