Indian Oil’s spot naphtha exports of 30,000 tons for August lifting from Chennai

31-Jul-09

As domestic demand continues to dwindle, Indian Oil Corp (IOC) has sold 30,000 tons of naphtha for August lifting from Chennai. This is the state run PSU’s fourth spot export from Chennai, as its usual exports are from Kandla and Dahej on the west coast. The cargo for August 17-20 lifting was sold by tender to Trafigura at a premium more than US$13/ton to its own price formula on a free-on-board (FOB) basis. Higher spot exports from India and the Middle East, along with unusual cargoes from PetroChina and Chinese export-oriented refiner WEPEC has taken a toll on cracks, which fell to their lowest in nearly two months at US$68.50/ton.