ONGC sells second December loading cargo from Hazira at marginally higher premiums

24-Nov-11

Oil & Natural Gas Corp Ltd (ONGC) has sold a second cargo for December loading from Hazira at marginally higher premiums, as per Reuters. ONGC sold the 35,000 tons for Dec. 17-18 loading at premiums of US$17-18/ton to Middle East quotes on a free-on-board (FOB) basis. On the 17th of this month, it sold similar volumes to Unipec for Dec. 7-8 loading from the same port at about US$17/ton. Current naphtha sentiments have been weak due to reduced cracker runs in Taiwan, Japan and pockets of Southeast Asia.