Chevron buys Hazira naphtha from India ONGC in rare move

SINGAPORE: Chevron has bought 35,000 tonnes of naphtha from India's Oil and Natural Gas Corp (ONGC) for March 3-4 loading from Hazira in a rare move as the former does not regularly buy Indian spot cargoes, traders said on Thursday.

Chevron paid a premium of about $50 a tonne to Middle East quotes on a free-on-board (FOB) basis, almost similar to levels of about $51 a tonne Itochu had paid previously for a Hazira cargo from ONGC for Feb. 21-22 loading.

Traders said Chevron may supply the cargo to a North Asian end user who needs the heavier naphtha grade although this could not be confirmed.