Monday, July 20, 2009

Sharply lower premium realized on naphtha cargoes by IOC, ONGC cancels tender on low bids

An influx of spot barrels arriving from Kuwait and the West next month is to create a supply glut in naphtha markets of Asia. As a result, India majors IOC and ONGC gains have been hit. Indian Oil Corrp (IOC) has sold an August naphtha parcel at a sharply lower premium an expected tand Oil & Natural Gas Corp (ONGC) has cancelled a tender due to low bids, as bids have been deemed too low.

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