SINGAPORE, Feb 13 (Reuters) - India's Mangalore Refinery &
Petrochemicals Ltd (MRPL) has set a record in the country after
having sold a March naphtha cargo at a premium of about $68 a
tonne to Middle East quotes on a free-on-board (FOB) basis to
Itochu, traders said on Wednesday.
The 35,000-tonne cargo scheduled for March 14-16 loading
from New Mangalore was sold on Feb. 8.
This surpassed the earlier record of about $59.90 a tonne
premium held by its parent company Oil & Natural Gas Corp (ONGC)
after it sold a March 2012 cargo to Unipec.
Low exports from India and the Middle East due to refinery
maintenance and a previous fire which affected a storage
terminal in Hazira operated by Indian Oil Corp (IOC) have dented
The supply crunch is expected to persist at least until
April as South Korean refiners are heading into their
maintenance season from March.
(Reporting by Seng Li Peng; Editing by Muralikumar