HPCL likely to cancel naphtha cargo sold to Vitol

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Oil and gas major Hindustan Petroleum Corp Ltd is likely to cancel a May naphtha cargo sold to Vitol .

HPCL is also seeking to buy 30,000 tonnes of gasoil for the first time in more than 10 months, the traders told media.

This decision came after the fire hit at the Visakhapatnam plant on May 16, prompting it to shut a 3 million tonnes a year (or around 60,000 barrels-per-day) crude distillation unit.

Traders on the cancellation of naphtha cargo said that the outage would have a psychological impact on buyers as Asia is structurally short of naphtha. This has been compounded by reduced throughput at Saudi Aramco Mobil Refinery Co's (Samref) 400,000 bpd Yanbu plant after a fire hit a pipe.

Meanwhile, The 25,000 to 30,000 tonnes gasoil cargo with 1 percent sulphur content is scheduled for delivery over June 3 to 7.

Story first published: Thursday, May 23, 2013, 13:31 [IST]
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