IOC places order of naphtha worth Rs 1,490 cr

IOC places order of naphtha worth Rs 1,490 cr

Sanjay Jog

Posted online: Thursday, May 01, 2008 at 2233 hrs IST

Mumbai, Apr 30
The state-run Indian Oil Corporation (IOC) would import 411.6 tmt of naphtha from Emirates National Oil Company for supply to Zuari Industries Ltd (ZIL) at Goa and Mangalore Chemicals and Fertilizers Ltd (MCFL) at Mangalore at an estimated cost of Rs 1,490.35 crore. IOC’s board and its contracts committee recently ratified the decision to import the naphtha through a total of 24 cargoes on a high sea sales basis under a back-to-back arrangement for the April, 2008, to March, 2009, period.

Out of the total 411.6 tmtof naphtha planned to be imported, 226.8tmt would be imported on account of ZIL through 12 cargoes at a cost of Rs 817.96 crore. The quantity of supply will have a +5%/-10% seller’s option. The remaining 184.8 TMT of naphtha would be imported on account of MCFL through 12 cargoes at an estimated expenditure of Rs 672.39 crore, with a +/-10% seller’s option and the option for supply either on an individual parcel basis or combined parcel basis. The total financial implication for the import of naphtha has been calculated on the basis of individual parcels, considering the RBI exchange reference rate of Rs 39.93 per dollar as on April 7, 2008.

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IOC places order of naphtha worth Rs 1,490 cr Sanjay Jog Posted online: Thursday, May 01, 2008 at 2233 hrs IST Mumbai, Apr 30 The state-run Indian Oil Corporation (IOC) would import 411.6 tmt of naphtha from Emirates National Oil Company for supply to Zuari Industries Ltd (ZIL) at Goa and Mangalore Chemicals and Fertilizers Ltd (MCFL) at Mangalore at an estimated cost of Rs 1,490.35 crore. IOC’s board and its contracts committee recently ratified the decision to import the naphtha through a total of 24 cargoes on a high sea sales basis under a back-to-back arrangement for the April, 2008, to March, 2009, period. Out of the total 411.6 tmtof naphtha planned to be imported, 226.8tmt would be imported on account of ZIL through 12 cargoes at a cost of Rs 817.96 crore. The quantity of supply will have a +5%/-10% seller’s option. The remaining 184.8 TMT of naphtha would be imported on account of MCFL through 12 cargoes at an estimated expenditure of Rs 672.39 crore, with a +/-10% seller’s option and the option for supply either on an individual parcel basis or combined parcel basis. The total financial implication for the import of naphtha has been calculated on the basis of individual parcels, considering the RBI exchange reference rate of Rs 39.93 per dollar as on April 7, 2008.