India’s Reliance Industries owned by Mukesh Ambani & Oil & Natural Gas Corp (ONGC) have sold a total 85,000-90,000 tonnes of naphtha at stronger premiums, supported by tight supplies on a lack of arbitrage cargoes, traders said on Monday.

Privately run Reliance Industries sold a 50,000-55,000-tonne parcel for late March loading to Vitol at a premium of around $27.00 a tonne to Middle East quotes, FOB.

This was also higher than the 75,000 tonnes slated for March 18-22 loading from Sikka sold to an undisclosed trader at a premium around mid-$20.00s a tonne level.

Overall supplies have been tighter due to stronger demand against a lack of Western barrels streaming in.

Source:http://in.reuters.com/article/domesticNews/idINSGE62707J20100308

Tags: ONGC, Reliance, Reliance Industries, RIL