RIL ships 10,000 mt plus benzene to US Gulf

25-Aug-08

Taking benefit of the open arbitrage to the US, India's largest benzene producer, Reliance is expected to ship 10,000 to 12,000 mt of benzene to the US Gulf in August. Even after early Friday the FOB Korea price was at US$1,197/mt, for September H2 delivery, September US prices for benzene were judged at US$1,311/mt FOB Korea and the cargo is slated to reach US Gulf over September-October. The combined benzene production at Reliance's three complexes in Jamnagar, Hazira and Baroda amounts to 700,000 mtpa. Reliance had voiced its plans to keep half of its total production for domestic market and the other half for exports in April, 2008.