Naphtha exports by Indian Oil Corp more than triple in October

20-Sep-12

Indian Oil Corp (IOC) has sold another 38,000-48,000 tons of naphtha for October lifting, tripling its monthly exports so far to 108,000-123,000 tons from September, as per traders reported in Reuters. 30,000-40,000 tons of naphtha for Oct. 8-10 loading from Kandla was sold on Sept. 18 to SOCAR Trading at premiums of US$25.65/ton to its own formula on a free-on-board (FOB) basis. Two weeks ago, it had sold 35,000-40,000 tons for early October loading from Dahej, also to SOCAR, at premiums of close to US$40/ton. Since then, prices have come under pressure as exports from India have increased amid completion of refinery maintenance this month.