Asia Naphtha-India ONGC Sells to Aramco

Source: Reuters 8/28/2015, Location: Asia

Indian Oil and Natural Gas Corp has sold a naphtha cargo to Aramco Trading Company (ATC) for the second time ever, but the premium fetched was nearly half that from the previous deal, traders said.

ONGC sold 34,500 tonnes of naphtha for Sept. 19-20 loading from Hazira to oil and naphtha exporter Saudi Aramco's trading arm at a premium of about $10.50 a tonne to Middle East quotes on a free-on-board (FOB) basis.

This was about 48 percent lower compared to the $20 a tonne premium ATC paid to ONGC recently for similar volumes lifting Sept. 5-6 from the same port.

Overall naphtha spot demand has been slower than usual as some buyers retreated in view of volatile crude prices, which influence the direction of naphtha.

Traders said ATC could be buying the cargoes for South Korea's S-Oil Corp, which is majority owned by Saudi Aramco.

S-Oil owns a condensate splitter which uses heavier grades of naphtha.

But the refiner, South Korea's third largest by capacity, has cut throughput to below 85 percent of its total refinery capacity of 669,000 barrels per day (bpd) due to maintenance at a crude distillation unit.


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