State-run Indian Oil Corp. (IOC) has sold 180,000 tonnes of naphtha to be loaded from Kandla between October 2007 and March 2008 to Emirates National Oil Co (ENOC) at an $8 a tonne premium to its price formula, free-on-board (FOB) basis, a trading source said on Thursday. IOC also sold 91,500-94,500 tonnes of naphtha to be loaded from Dahej during October-December to European trader Vitol at a $4 a tonne premium to the price formula the average of Platts and Argus Middle East quotes -- FOB basis, the source said. In its previous term tender, IOC sold a total 224,000 tonnes of naphtha from Dahej from September 2007 to March 2008 to Japanese trader Itochu at a $7.78 a tonne premium, FOB. It also sold a total 180,000 tonnes of naphtha from Kandla between August 2007 and January 2008 to French major Total at a $1 a tonne premium, FOB.
Indian refiners, including IOC, have sharply increased their overall naphtha exports recently to a monthly average of 940,000 tonnes during May to August, versus 670,000 tonnes in the first four months of this year.
The higher exports came as many Indian power plants have switched to natural gas as feedstock at the expense of naphtha.
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