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UPDATE 1-Asia Gasoil-India MRPL shifts marker to Mideast
(Recasts, adds details, PREVIOUS SINGAPORE)
NEW DELHI Feb 9 (Reuters) - India's Mangalore Refinery and Petrochemicals Ltd has changed its benchmark for gas oil exports and last week awarded its first parcel linked to Middle East quotes, traders and company officials said on Monday.
MRPL's Finance Director L.K. Gupta, confirmed the firm, a subsidiary of Oil and Natural Gas Corp (ONGC.BO) had shifted the benchmark to Mean of Platts for Arab Gulf (MOPAG) from Dubai crude quotes.
MRPL last week sold by tender 40,000 tonnes of high sulphur gas oil at a discount of 50 cents a barrel to Middle East gas oil quotes on a free-on-board (FOB) basis, trade sources said.
The cargo for mid-February loading has been awarded to trader Mercuria.
MRPL recently shifted the benchmark for its mix-xylene exports to Mean of Platts Japan quotes for naphtha from FOB Korea quotes.
"Earlier MRPL was linking gas oil sales with Dubai crude, indirectly it was hedging. Now it is testing the market with direct linkage," a trade source said.
MRPL last sold via tender 40,000 tonnes of high-sulphur gas oil at a premium of $12.25-$12.50 a barrel to Middle East Dubai crude for lifting on Jan. 15-17, free-on board (FOB) basis.
MRPL runs a 194,000 bpd coastal refinery in the southern Indian state of Karnataka. (Reporting by Nidhi Verma; editing by James Jukwey)
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