HPCL sells Apr, May naphtha loading to Itochu, Shell

Tokyo, Apr 3: Hindustan Petroleum Corp. Ltd. (HPCL) has sold three 25,000-to-30,000-tonne cargoes for April and May loading to Japanese trader Itochu and another cargo to Shell, a trading source said.

With these cargoes, India's naphtha offers for April will exceed the country's monthly average of 520,000 tonnes seen last year.

The source said HPCL sold to Itochu at premiums of more than a tonne above Middle East spot quotes, on a free-on-board (FOB) basis, but another source said Itochu was seen paying premiums of at least a tonne.

The details of the cargoes awarded are as follows: TONNE LOADING/PORT WINNER/PRICE (FOB/T) 25,000-30,000 April 21-23/Vizag Itochu/ME + above 25,000-30,000 May 8-10/Vizag Itochu/ME + above 25,000-30,000 May 17-19/Vizag Itochu/ME + above 25,000-30,000 May 28-30/Vizag Shell/n.a.

Reuters