SINGAPORE/NEW DELHI - Reliance Industries is looking to sell more naphtha, bringing its total naphtha exports through tenders for August lifting at 185,000 tonnes, traders said, the highest monthly spot volumes offered by the company since February.
However, some 60 percent of the August volumes were considered off-specification as the grade does not meet the requirements of the petrochemical industry standard, the traders added.
It is unclear why Reliance's naphtha contains more oxygenates than usual. Reliance officials were not available for immediate comment.
Reliance had offered the long-range tanker size cargo for end-August loading from Sikka Port in western India through a tender which closes on Wednesday.
But the cargo contains 100 parts per million (ppm) of total oxygenates, twice the acceptable amount for making petrochemicals.
The fuel, however, could still be used but only if buyers have the means to lower the oxygenates levels.
Reliance, which operates the world's biggest refining complex at Jamnagar in western India, has already sold one such cargo with 100 ppm oxygenates to Vitol for early August loading at discounts to Middle East quotes on a free-on-board (FOB) basis.
Traders said the off-specification cargoes came at a time when European naphtha arriving next month in Asia was lower versus July.