According to reports Indian Oil Corp (IOC) sold three parcels of naphtha totaling 91,500-94,500 tons for March-May lifting from Dahej by tender to Chevron at a steep premium of over US25/ton to Middle East quotes on a free-on-board (FOB) basis. About 30,000 tons of naphtha cargoes will be lifted in the second week in each of the three months until May. However, IOC s contract for about 252,000 tons for March-August lifting from Dahej has not found any buyers This is mainly because naphtha supplies are expected to increase fromApril not only from India but also the Middle East while demand is expected to weaken considerably as the m'arkets take time to recover from the economic meltdown.
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