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Asia Naphtha-S Korea's Daewoo makes 2nd purchase, pays $66 premium

Source : REUTERS
Last Updated: Fri, Feb 15, 2013 09:50 hrs

SINGAPORE, Feb 15 (Reuters) - South Korea's Daewoo International has bought 35,000 tonnes of naphtha directly from Mangalore Refinery and Petrochemicals Ltd (MRPL) at a premium of about $66 a tonne, its second Indian purchase in about 1-1/2 weeks, traders said on Friday.

Daewoo bought its first naphtha cargo from India on Feb. 5 from MRPL's parent company Oil and Natural Gas Corp (ONGC) at a premium of about $53 a tonne to Middle East quotes on a free-on-board (FOB) basis.

This second purchase, of which the cargo is scheduled for March 22-24 loading from New Mangalore, marked a 24.5 percent increase in premium for Daewoo but reflects a nearly 3 percent fall in sale price for MRPL which had on Feb. 8 set a record deal with Itochu for a March 14-16 cargo at a premium of about $68.

The persistent supply crunch, which started more than two months ago due to lower supplies from the Middle East and India, have sent premiums through the roof. (Reporting by Seng Li Peng; Editing by Muralikumar Anantharaman)



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