BPCL offers 1st naphtha export from Bina plant1 min read . Updated: 05 Mar 2012, 03:21 PM IST
BPCL offers 1st naphtha export from Bina plant
Singapore: India’s Bharat Petroleum Corp Ltd (BPCL) has offered a 17,000-tonne naphtha cargo for export for the first time from its Bina plant, traders said on Monday.
BPCL offered the cargo, with a minimum paraffin content of about 65%, for 24 March to 31 March lifting from JNPT port in Mumbai through a tender that closes on 6 March.
“BPCL will likely have a cargo once a month from the Bina plant, and they could try to increase the cargo size to 18,000-20,000 tonnes," said a trader.
BPCL regularly exports naphtha from its own refineries through Mumbai, Kochi and Haldia ports.
The land-locked Bina plant started processing crude in mid-2010, but shut down as some secondary units were not ready. The crude unit was commissioned again in January 2011.
The export offer from the plant comes amid strong demand for naphtha as supplies have been tight.
Buyers are willing to keep raising their prices just to secure volumes, traders said, with Oil & Natural Gas Corp (ONGC) setting a new sales premium record of $59.50 a tonne to Middle East quotes on a free-on-board (FOB) basis after selling a second-half March cargo to Unipec.