207,000 tons of naphtha offered from India for Dec-March

01-Dec-09

Refiners from India have offered 207,000 tons of naphtha for Dec-March lifting. Oil & Natural Gas Corp (ONGC), Mangalore Refinery & Petrochemicals (MRPL) and Bharat Petroleum Co Ltd (BPCL) have issued five separate tenders. These tenders are expected to be completed at higher prices compared to last week's deals. Naphtha price spread to Brent crude rose last week to a 14 month high of US$143/MT, on robust demand from North Asian petrochemical makers as well as healthy downstream market in China. BPCL has offered the following : A low-aromatic parcel totalling 27,000 tons for Dec. 10-12 loading from Kochi, on a free-on-board (FOB) basis, a high aromatic lot totalling 25,000 tons for Dec. 20-24 lifting from Mumbai, and one 30,000 ton parcel for loading each month of the first quarter from Mumbai that is a semi-term offering. ONGC has offered a 35,000 ton lot for Dec. 28-29 lifting from Mumbai, while MRPL has offered 30,000 tons for Jan. 28-30 loading from New Mangalore.