The Oil & Natural Gas Corp, also known as ONGC sold 35,000 metric tons of naphtha which is ready for loading on July 30 to July 31 from its site in Hazira, India. Potential buyers were notified via email early in the month.
Bidding will close on July 3 for buyers and deals made will only be valid until 6:30pm of July 4th.
Naphtha being a volatile, colorless petroleum distillate is an intermediate product produced from benzene and gasoline is used as a solvent and oftentimes as fuel or petroleum.
ONGC, ranked as 171th in the list of "Fortune Global 2000 World's Biggest Companies for 2012" is based in India and is one of the world's leading producers of petroleum components. The company has over 7.59 billion tones worth of in-place hydrocarbon reserves at their disposal. ONGC Videsh Ltd. is a wholly owned subsidiary of ONGC is the tagged as largest Indian multinational petroleum company with 30 Gas and oil companies situation in 15 countries.
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