Reliance fetch US$30/ton premium on naphtha parcel amid low supply in China

22-Jan-09

Reliance has fetched a US$30/ton premium to Middle East quotes on a FOB basis on the 35,000 ton naphtha parcel sold via tender to PetroChina for Jan end lifting. This parcel - the second from its new 580,000 bpd Jamanagar SEZ refinery - has fetched about US$7 - 9/ton higher than its previous cargo. The new refinery from Reliance Petroleum Ltd (RPL) coupled with the parent firm's existing exports-oriented 660,000 bpd refinery, has rendered Jamnagar the world's biggest oil-refining centre. As per the trading experts, the declines in Indian naphtha exports along low supply in China are cited as reasons for a hefty premium.