India's BPCL sells naphtha at lower price; MRPL offers smaller lot

22-Sep-15
India's Bharat Petroleum Corp Ltd (BPCL) has sold an October naphtha cargo at about US$13/ton above Middle East quotes on a free-on-board (FOB) basis, 35% lower than the average it had received for two September cargoes, as per Reuters. The 35,000 ton cargo scheduled for Oct. 9-11 loading from Mumbai was sold to Japan's Petro-Diamond late on Friday. This was BPCL's second attempt to sell the October cargo after having cancelled a sale tender for the cargo which was initially scheduled for Oct. 7-10 loading from the same port. India's Mangalore Refinery Petrochemicals Ltd (MRPL), on the other hand, offered 35,000 tons of naphtha for Oct. 20-22 loading from New Mangalore, its first offer of a medium-range tanker size cargo in more than 12 months as it has been selling larger-size cargoes of 50,000 to 55,000 tonnes. Traders said partial maintenance at MRPL's 300,000 bpd refinery, which started this month, has likely resulted in the smaller naphtha cargo size. The maintenance is expected to last for about a month. Availability of naphtha cargoes in Asia is expected to be tight in November following months of a supply glut which kept spot prices on a cost-and-freight (C&F) basis in discount levels.
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