ONGC sells naphtha at lower premium as compared with May

19-May-09
Oil & Natural Gas Corp (ONGC) has sold 35,000 tons of naphtha for June lifting at a premium of US$3-4/ton to Middle East quotes, on a free-on-board (FOB) basis. These premiums are much lower than premiums of US$16/ton realized for sales for a May cargo, mainly due to reduced demand and unusually high spot exports from Europe and the Middle East to Asia.
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