ONGC sells July naphtha at premiums almost 40% higher than previous sale

06-Jul-12

Oil and Natural Gas Corp (ONGC) and its subsidiary, Mangalore Refinery and Petrochemicals Ltd (MRPL), saw a surge in July naphtha sales premiums, as limited European exports to Asia boosted prices, as per Reuters. ONGC sold a 35,000 ton naphtha cargo for July 24-25 loading from Hazira to South Korea's top refiner, SK Energy, at premiums of about US$27/ton to Middle East quotes on a free-on-board (FOB) basis. This was up by nearly 40% higher than a previous sale of a July cargo to Gunvor. MRPL sold 35,000 tons for July 28-30 loading from New Mangalore to Arcadia at premiums of about US$23/ton, up by about 28-65% from three other cargoes MRPL sold for July.