Naphtha exports from India are on the rise, mainly due to weak domestic demand and consumption that has fallen as a result of increased availability of natural gas in the country. Plants prefer natural gas over naphtha as it is cleaner and gives a longer life to units. Indian oil majors are slated to offer almost 750,000 tons of naphtha in November. The country’s total exports for next month has increased to over 600,000 tons as Indian Oil Corp (IOC) and Hindustan Petroleum Corp Ltd (HPCL) offer naphtha for end November-early December lifting.
IOC has offered 35,000 tons for Nov. 29-Dec. 2 lifting from Chennai and about 31,500 tons for Nov. 28-30 loading from Dahej. HPCL has offered 15,000 tons for end November lifting from Mumbai. All the tenders end on November 9th.
India’s October exports have totaled at approximately 850,000 tons. Lower export volumes have been estimated for November as Reliance is expected to halve its cargoes to one of 75,000 tons vs 2 cargoes in October.