HPCL sells naphtha to Shell at a lower premium

SINGAPORE: Hindustan Petroleum Corp. Ltd. (HPCL) has awarded its tender for an early-August loading naphtha cargo to Shell at a lower premium than its last regular sale, trading sources said on Monday.

HPCL sold the 30,000 tonne parcel at a $7-$8 a tonne premium to Middle East spot quotes, on a free-on-board-basis for loading on Aug. 5-10 from Mumbai, one source said.

Another source said the premium was around $9 a tonne.

HPCL, which usually offers one cargo per month from Mumbai, sold a similar parcel for July 11-15 loading from Mumbai to a European trader at a $15.50 a tonne premium to Middle East spot quotes, on a free-on-board-basis, last month.