ONGC, MRPL sell August naphtha at lo premiums amid slow demand

31-Jul-12
Oil & Natural Gas Corp (ONGC) and its subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL) have sold a total of 70,000 tons of August naphtha at lower premiums amid slower demand, as per Reuters. Last Friday, ONGC sold 35,000 tons for Aug. 18-19 loading from Hazira to Gunvor at premiums of about US$25/ton to Middle East quotes on a free-on-board (FOB) basis- about 24% lower than a premium of US$33/ton fetched for a previous cargo sold for early August loading from the same port to Total. Separately, MRPL sold 35,000 tons of naphtha for Aug. 28-30 loading from New Mangalore on Friday to Total at premiums of about US$22/ton to Middle East quotes on a FOB basis. This was down by about 25-31.5% compared to two cargoes MRPL had previously sold for August loading to PetroChina and Cargill.
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