Japan's Idemitsu Kosan Co Ltd has bought a May naphtha cargo from Oil & Natural Gas Corp (ONGC) at a premium of about US$44/ton to Middle East quotes, as per Reuters. The The 35,000 ton cargo will be loaded at Mumbai's port on May 9-10. This is Idemitsu’s first spot purchase through a tender from India in about two months, and makes it the third end-user to buy cargoes directly through spot tenders in the last two weeks.
In mid Febusary, Idemitsu signed a quarterly term deal with Bharat Petroleum Corp Ltd (BPCL), to lift three cargoes totalling 105,000 tons for May-June loading at premiums of US$27-30/ton on a free-on-board (FOB) basis. However, premiums have since surged then amid tight supply from Europe, where naphtha is being used as a blendstock to help meet increased demand for gasoline. As a result, Idemitsu last bought a spot cargo from BPCL for Feb. 25-27 loading from Mumbai at a premium of US$33/ton.
20-Apr-12 
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