Reliance Industries sells 55,000 tons of naphtha to Shell

09-Apr-09

Reliance Industries has sold 55,000 tons of naphtha for May 6-8 lifting from Sikka to Shell. The cargo was sold approximately US$28/ton above Middle East quotes FOB basis - at premiums similar to those for April cargo. A minimum of two 55,000 ton cargoes were expected to be sold by Reliance for May. However, with the company exporting only one 55,000 ton cargo for April and 240,000 tons for March, the turnaround seems unclear.