Reliance Industries' export volumes lower in April

02-Apr-14

India's Reliance Industries has sold 55,000 tons of naphtha for late April loading from Sikka to a European trading house, but the refiner may limit its exports for next month due to stronger gasoline demand, as per Economic Times. Reliance sold the cargo at premiums in the high US$20s/ton level to Middle East quotes on a free-on-board (FOB) basis, similar to the average premium it had fetched for two cargoes totalling 90,000 tons for March loading. Since the current deal is for end-April loading, it is unlikely Reliance will offer any more spot for next month," as per a trading source. Reliance sold more than 200,000 tons of naphtha for December but started scaling back to an average of about 103,000 tons each month for first-quarter. It was not immediately clear what led to the lower month average exports for January to March, but Reliance had to shut a crude unit in December following a power failure and it had also sh shut a crude unit this month for routine maintenance.