SINGAPORE Oct 21 India's Mangalore Refinery and
Petrochemicals Ltd has sold a December naphtha cargo
to Marubeni Corp at about $26 a tonne above Middle East
quotes on a free-on-board (FOB) basis, higher versus November
sales, traders said on Monday.
The premium for the 35,000-tonnne cargo, scheduled for Dec.
5-7 loading from New Mangalore, reflected a jump of about 21
percent when compared to the average premium MRPL had fetched
for two November cargoes.
Traders said the higher premiums could be due to
expectations of improved demand ahead.
Asia's top naphtha importer Formosa Petrochemical Corp
and South Korea's GS Caltex are to restart their
naphtha units this month following shutdowns in mid-September
and October respectively for maintenance.
The two units need a total of more than 450,000 tonnes of
naphtha a month.
Separately, Bharat Petroleum Corp Ltd sold 26,000
tonnes of naphtha to PetroChina for prompt Oct. 31
to Nov. 2 loading from Kochi at a premium of about $15 a tonne
to Middle East quotes on a FOB basis.
Buyers usually place lower bids for cargoes scheduled for
prompt lifting as it gives them shorter time to charter vessels.
(Reporting by Seng Li Peng; Editing by Tom Hogue)