Notwithstanding weak sentiments, Indian majors Oil & Natural Gas Corp (ONGC) and Mangalore Refinery and Petrochemicals Ltd (MRPL) have managed a double digit premium on naphtha for September lifting. Together, the two companies have sold 65,000 tons of naphtha.
ONGC sold 35,000 tons from Hazira to Sempra at a per ton premium of US$11.00 to Middle East spot quotes, on FOB basis. Though the premium figure is barely 40% of what was commanded by the company for two August cargoes sold to SK Energy and Shell, the current price is still considered expensive.
MRPL has sold 30,000 tons of naphtah for Sept. 26-28 lifting from New Mangalore to Glencore at US$18/ton above Middle East quotes, FOB.