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IOC sells more naphtha cargo for August: sources

Reuters     August 13, 2019

Indian Oil Corp sold a naphtha cargo last Thursday, bringing its total August exports to 97,000 tonnes, the highest monthly volume from the port of Chennai since 2015, three industry sources said on Tuesday.

IOC sold the 35,000-tonne naphtha cargo for Aug. 28-30 loading from Chennai to commodity trader Trafigura at a premium of about $17 a tonne to its own price formula on a free-on-board (FOB) basis after extending the validity of the sales tender by a day, the sources said.

It was unclear why IOC's August exports were higher than its average monthly volume for the first seven months of this year at 55,000 tonnes.

But of the three cargoes it sold for August, one cargo at 27,000 tonnes sold to Litasco at a premium of $2 for Aug. 3-5 lifting was not within the usual specifications, the sources said.

The other cargo sold for Aug. 16-18 went to BP at a premium of about $13 a tonne, one of the sources said.

Companies do not typically comment on such deals.

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