MOSCOW (MRC) -- Indian Oil Corp sold a naphtha cargo, bringing its total August exports to 97,000 tons, the highest monthly volume from the port of Chennai since 2015, reported Reuters with reference to three industry sources.
IOC sold the 35,000-tonne naphtha cargo for Aug. 28-30 loading from Chennai to commodity trader Trafigura at a premium of about USD17 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 tons.
But of the three cargoes it sold for August, one cargo at 27,000 tons sold to Litasco at a premium of USD2 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 USD13 a tonne, one of the sources said.
Companies do not typically comment on such deals.
As MRC wrote before, Indian Oil Corporation's Rs 34,555-crore 15 million tonnes per annum Paradip Refinery was commissioned in phases from March 2015 onwards. Indian Oil Corporation was conducting feasibility studies to set up a petrochemical complex at Paradip in Odisha for Rs 20,000 crore. The petrochemical complex will be built in the vicinity of the company’s to-be-commissioned 15-mln tpa greenfield refinery at Paradip. The petrochemical complex will be in addition to the already announced Rs 3,150-crore polypropylene project at the same location, the foundation stone for which was laid by MOS for petroleum and natural gas.
Indian Oil Corporation Limited, or IndianOil, is an Indian state-owned oil and gas corporation with its headquarters in New Delhi, India.
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