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IOC to skip spot naphtha sale for Oct

Posted by Yogesh on Tuesday, 9 September, 2008

NEW DELHI, Sept 9 – Indian Oil Corp will not offer a spot tender to export naphtha for October lifting as local demand will rise when a liquefied natural gas terminal is shut for a week next month, a company official said on Tuesday.

India’s Petronet LNG plans to shut its 5 million tonnes a year LNG plant for a week from Oct. 14-19 to link new units which will double its capacity. “There will be only one term cargo loading from Kandla and Dahej, and we are not going to export anything beyond that,” an IOC official, who did not wish to be identified, told Reuters.

IOC normally sells three 30,000-tonne naphtha cargoes from the Dahej terminal, and three cargoes a month from Kandla port, both in western India.

It buys natural gas from the Dahej LNG terminal for its industrial clients in western India.

“We will supply naphtha to meet the demand of fertiliser and small industries. So we will not be having any surplus naphtha for exports,” the official said.

Source Reuters

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