ONGC sales premium falls as tight supply eases
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SINGAPORE: India's Oil and Natural Gas Corp (ONGC) has sold a late August naphtha cargo at close to $23 a tonne above Middle East quotes on a free-on-board (FOB) basis, about 26 percent lower than two cargoes it sold recently, traders said on Monday.
The 35,000-tonne cargo, scheduled for Aug. 23-24 loading from Hazira, was sold to Unipec on Aug. 1, coming at a time when tight supplies have eased and traders were seen with unsold barrels.
ONGC had previously sold two August cargoes for first-half and mid-August loading from Hazira to Vitol at premiums of about $31 a tonne each.
ONGC also exports from Mumbai.
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