Reliance Industries sells two cargoes instead of one

19-Sep-13

Reliance Industries has sold a total of 110,000 tons of naphtha for October loading from Sikka, double the volumes it indicated in a tender, as per Reuters. The cargoes, each of 55,000 tons, were sold to a European trader and a Japanese trader, at low premiums of US$20-25/ton to Middle East quotes on a free-on-board (FOB) basis. These were higher than the average premium of nearly $20 a tonne it had fetched for three cargoes sold for September loading. State-owned Mangalore Refinery & Petrochemicals Ltd (MRPL) has sold a 35,000 ton cargo for Oct. 17-19 loading from New Mangalore to Marubeni at a premium of about US$27.50/ton to Middle East quotes on an FOB basis. This was steady compared to the average premium it had received previously for two October cargoes sold to Petrodiamond and Idemitsu.