ONGC sells naphtha to Total at lower premium

05-Oct-12

India's Oil and Natural Gas Corp (ONGC) has sold 35,000 tons of naphtha to Total for Oct. 26-27 loading from Hazira at around US$30/ton above Middle East quotes on a free-on-board (FOB) basis, down from previous sales for the month, as per Reuters. ONGC had previously sold two 35,000 ton cargoes, one to Total for Oct. 3-4 loading and the other to Guvnor for Oct. 16-17, at premiums of US$34 and US$39 respectively. Although India's exports for October are estimated at about 750,000 tons versus less than 550,000 tons last month, the higher volumes are being offset by lower arrivals from Europe.