Mangalore Refinery and Petrochemicals Ltd, a unit of India’s biggest oil producer Oil and Natural Gas Corp, has offered to sell gasoil, or diesel, and naphtha for loading in March, according to an invitation document by the company.
The refinery has offered to load a 40,000-tonne cargo of vacuum diesel for loading from 24-26 March. Potential buyers are to submit bids against Dubai crude oil values assessed by oil-pricing service Platts, quoted in dollars per barrel.
Additionally, the Mumbai-based company offered to load a 30,000-tonne cargo of naphtha between 23 March and 25 March. Potential buyers are to submit bids against Arabian Gulf naphtha quotes by Platts by 27 February. Bids are valid until 5pm of 28 February.
Both the diesel and naphtha cargoes will load at New Mangalore on the west coast ofIndia.
Naphtha, distilled from crude oil, is a raw material for petrol, chemicals and plastics. ONGC owns 72% of Mangalore Refinery.