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IOC sells rare Kandla cargo

IOC sells rare Kandla cargo

Indian Oil Corporation has sold 18,000-20,000 tonnes of naphtha for Oct 29 to Nov 3 loading from Kandla after cancelling a previous tender for the same cargo due to low bids, traders said.

The state-owned refiner sold the cargo to Thai firm PTT at a premium of around $1 a tonne to IOC´s own price formula on a free-on-board (FOB) basis.

This was the first time this year that IOC has sold a cargo out of Kandla.

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