SINGAPORE, Feb 14 (Reuters) - Oil major BP Plc has bought aMarch naphtha cargo from India's Oil & Natural Gas Corp (ONGC),traders said on Friday, its first naphtha purchase from therefiner in over six months, Thomson Reuters data showed.
BP paid slightly below $29 a tonne to Middle East quotes ona free-on-board (FOB) basis for the 35,000-tonne cargo for March6-7 lifting from Hazira.
The premium reflected a marginal increase for ONGC which hadrecently sold a cargo for Feb. 20-21 loading from the same portto Gunvor at a premium of about $28.
BP last bought a cargo from ONGC for July 11-12 loading, butfrom the Mumbai port.
Its most recent purchase of an Indian cargo through tenderwas from Indian Oil Corp (IOC) for a November 2013 cargo.
Separately, ONGC's subsidiary MRPL sold 35,000 tonnes ofnaphtha for March 14-16 loading from New Mangalore to Shell at apremium of about $26 a tonne to Middle East quotes on a FOBbasis, down by about 26 percent in value compared to a cargoMRPL sold to Marubeni for March 10-12 loading.
Asia's naphtha sentiment has been weakening due toincreasing supplies and with some buyers such as Formosareplacing a small portion of their naphtha feedstock withcheaper liquefied petroleum gas (LPG).
BP (BP.)
