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India’s HPCL changes naphtha pricing to include Argus

30 Jun 2017 10:40 (+01:00 GMT)
India's HPCL changes naphtha pricing to include Argus

Singapore, 30 June (Argus) — Indian state-controlled refiner Hindustan Petroleum (HPCL) has modified the pricing basis for its latest naphtha tender, including an average of Argus' Mideast Gulf spot assessments for the first time.

HPCL now uses the average of Argus and Platts' Mideast Gulf spot naphtha assessments. It joins fellow Indian state-controlled refiners BPCL and IOC, which use both Argus and Platts' price in spot tenders.

HPCL's latest tender offers 15,000t (133,500 bl) of naphtha for 8-12 July loading from Jawahar Dweep port in Mumbai. The naphtha has minimum 70pc paraffin content. HPCL's tender closes on 3 July and remains valid the same day.

HPCL offers about one naphtha cargo a month from Mumbai.