Steep premium of US$49 for May naphtha sold by ONGC to Gunvor

India's Oil & Natural Gas Corp (ONGC) sold 35,000 tons of May naphtha to Gunvor at steep premiums of about US$49/ton to Middle East quotes on a free-on-board (FOB) basis. This is a 6.5% rise for cargo sold to Unipec for May 13-14 loading at a US$4, when compared to recent sale, as per Reuters. The deal with Gunvor was done late on Tuesday and the cargo will be lifted on May 23-24 from Hazira port in western India. The premium was higher than a previous cargo sold to Unipec for May 13-14 loading at US$46/ton premium, on account of a supply issue in India. MRPL, a subsidiary of ONGC, has shut its 300,000 bpd) refinery following water shortage. As a result, IOC cancelled two tenders to sell up to 70,000 tonnes of naphtha for May loading from Kandla and Dahej ports.
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