OMPL seeks heavy naphtha in rare move

SINGAPORE (Reuters) - ONGC Mangalore Petrochemicals Ltd (OMPL) is seeking heavy cut naphtha through an import tender in a rare move and coming at a time when overall naphtha supplies are tight, traders said on Thursday.

The petrochemical firm, owned by Mangalore Refinery and Petrochemicals Ltd and parent company Oil and Natural Gas Corp, is looking to buy a total of 105,000 tonnes of the fuel for May to August delivery.

It is looking to import two 15,000-tonne cargoes for May, followed by another two cargoes of the same size for June.

But it needs only one 15,000-tonne cargo for July arrival and another two cargoes at 15,000-tonnes each for August.

It was unclear why OMPL was looking to import the feedstock required for its paraxylene plant which has a capacity of more than 900,000 tonnes.

The tender closes on April 3, with offers to stay valid until April 4.

According to Reuters data, OMPL had issued an import tender for heavy naphtha in 2015.

(Reporting by Seng Li Peng, editing by David Evans)