Saudi Aramco’s trading arm bought 70,000 tonnes of naphtha from Indian Oil Corp (IOC.NS) on Friday at premiums not seen since 2013 as it seeks to plug a supply gap following Sept. 14 attacks on its facilities, trade sources said on Monday.
Aramco Trading Company (ATC) paid a premium to IOC price formula on a free-on-board basis in the mid-$40 per tonne range for a 35,000-tonne cargo scheduled for Oct. 18-20 loading from Chennai and for a 35,000-tonne cargo for Nov. 3-5 loading from the same port.
These were the highest premiums IOC has fetched for naphtha sold out of Chennai since it sold a cargo to Unipec at a premium of about $55 a tonne in 2013, Reuters data showed.
Since the attacks, ATC has bought more than 120,000 tonnes Read More
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