SINGAPORE Aug 27 India's Oil & Natural Gas Corp Ltd (ONGC) is expected to reduce its September naphtha exports from Hazira by about 28.5 percent to 70,000 tonnes or two cargoes, down from a total of 105,000 tonnes this month, traders said on Monday.
ONGC has already sold a 35,000-tonne cargo on Aug. 23 for September loading from Hazira port to Total SA at premiums of about $25 per tonne premium to Middle East quotes on a free-on-board (FOB) basis.
It is expected to have one more 35,000-tonne cargo for September, and with that will wrap up spot sales for next month.
Depending on domestic demand, the state-owned company usually exports an average of 1-3 cargoes per month from Hazira in Gujarat. It skipped exports in February because of port maintenance.
September exports from ONGC subsidiary Mangalore Refinery and Petrochemicals Ltd were also down to 70,000 tonnes compared with 105,000 tonnes each for August and June shipments, and 140,000 tonnes for July. (Reporting by Seng Li Peng; Editing by Chris Lewis)