IOC buys May Dabhol stem from Glencore

SINGAPORE, Apr 30 (Reuters) IndianOil Corp. (IOC) has bought two May-delivery naphtha cargoes for the Dabhol power plant from Glencore at an undisclosed premium level, a trading source said on Monday.

In this tender, IOC sought one 28,500-to-30,000-tonne cargo for May 1-5 delivery, and a same-sized parcel for May 8-12 delivery.

Traders had earlier expected IOC to seek June-delivery supplies.

Last month, India had extended a customs duty waiver on naphtha imports for the Dabhol power plant untill the end of September to meet summer demand in the western state of Maharashtra.

Last December, IOC bought five naphtha parcels plus two optional stems -- a total of up to 210,000 tonnes -- from Trafigura at near a tonne above Middle East quotes via term tender.

But the trading house had not been able to meet IOC's request for December, prompting IOC to buy two lots via spot tender.

REUTERS SR PM1227