ONGC Mangalore Petrochemicals seals naphtha deal in first import tender since 2015
Singapore: ONGC Mangalore Petrochemicals Ltd (OMPL) has purchased 105,000 tonnes of heavy cut naphtha for its petrochemical plant from Vitol, making this the company’s first import tender purchase since 2015, traders familiar with the matter said on Friday.
The total volume, comprising 7 cargoes at 15,000 tonnes each, will be supplied between May and August.
The price of the tender was unknown, but the purchase came at a time when demand for different grades of naphtha is strong.
It was unclear why OMPL needed to import the heavy grade naphtha for its paraxylene plant, which has a capacity of more than 900,000 tonnes a year (tpy).
The petrochemical firm, owned by Mangalore Refinery and Petrochemicals Ltd and parent company Oil and Natural Gas Corp., gets most of its feedstock from the former.
At 3.05pm, ONGC shares were down 0.14% to Rs176.90, while Mangalore Refinery and Petrochemicals shares gained 2.15% to Rs113.80.