SINGAPORE: India's Bharat Petroleum Corp Ltd has sold a July naphtha cargo from Mumbai to oil major Shell at about $26 a tonne above Middle East quotes on a free-on-board (FOB) basis, traders said on Thursday.
This reflected a 35 to 37 percent drop in sales premium for BPCL as it had previously sold a cargo for June 21-23 loading from the same port to PetroChina at $40 to $41 a tonne to Middle East quotes on a FOB basis, Reuters data showed.
The latest sale of naphtha cargo, scheduled for July 11-13 loading from Mumbai, came at a time when sentiment has been hit by additional supplies from South Korea and Singapore where three new condensate splitters are coming on stream from July.
South Korea's SK Energy is already in talks with Japanese customers to sell light grade naphtha for August to December delivery, with the volumes coming from its new condensate splitter coming online in July.
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