Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.

Petrochem

11,588.35-73.5
Stock Analysis, IPO, Mutual Funds, Bonds & More

Reliance offers more naphtha but non-petchem grade

However, some 60 percent of the August volumes were considered off-specification as the grade does not meet the requirements of the petrochemical industry standard

REUTERS|
Jul 24, 2018, 11.24 PM IST
0Comments
BCCL
ril_bccl
Reliance had offered the long-range tanker size cargo for end-August loading from Sikka Port in western India through a tender which closes on Wednesday.
Reliance Industries is looking to sell more naphtha, bringing its total naphtha exports through tenders for August lifting at 185,000 tonnes, traders said, the highest monthly spot volumes offered by the company since February.

However, some 60 percent of the August volumes were considered off-specification as the grade does not meet the requirements of the petrochemical industry standard, the traders added.

It is unclear why Reliance's naphtha contains more oxygenates than usual. Reliance officials were not available for immediate comment.

Reliance had offered the long-range tanker size cargo for end-August loading from Sikka Port in western India through a tender which closes on Wednesday.

But the cargo contains 100 parts per million (ppm) of total oxygenates, twice the acceptable amount for making petrochemicals.

The fuel, however, could still be used but only if buyers have the means to lower the oxygenates levels.

Reliance, which operates the world's biggest refining complex at Jamnagar in western India, has already sold one such cargo with 100 ppm oxygenates to Vitol for early August loading at discounts to Middle East quotes on a free-on-board (FOB) basis.

Traders said the off-specification cargoes came at a time when European naphtha arriving next month in Asia was lower versus July.

Also Read

No slowdown in consumption: Reliance Retail

Reliance Capital defaults on NCD payments

Reliance Jio announces Diwali offer

Top Reliance Securities executives, others team up to buy Reliance Capital broking arm

Reliance set to bring back the ‘coolest one’ to India

Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service