MRPL sells 30KT of Naphtha at a lower price

Singapore, July 20: India's Mangalore Refinery and Petrochemical Ltd. (MRPL) has sold 30,000 tonnes of naphtha for late August loading at a lower price than its last sale, traders said on Thursday.

The refiner sold the naphthenic and aromatic (N+A) naphtha to South Korea's top oil refiner SK Corp. at around a tonne above Middle East spot quotes, on a free-on-board (FOB) basis, for Aug. 23-25 loading from New Mangalore, on the Indian West Coast, they said.

The tender calls for a minimum 40 percent naphthenic and aromatic content.

MRPL last month sold two 30,000-tonne cargoes of naphtha for second-half July loading: one cargo for July 16-18 loading from the West Coast port of New Mangalore to Mitsui and another cargo for July 27-29 loading from New Mangalore sold to Projector.

Traders said at that time both cargoes should have been awarded at premiums of more than a tonne to Middle East spot quotes, on a free-on-board (FOB) basis.

N+A naphtha is used in reformers to produce reformates, benzene, toluene and xylenes.

Reuters