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
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