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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Monday, July 20, 2009
Sharply lower premium realized on naphtha cargoes by IOC, ONGC cancels tender on low bids
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