SK Energy, South Korea's top refiner bought 35,000 tonnes from Oil & Natural Gas Corp. With this move, SK Energy returned and made its presence to India's naphtha market for the first time since the opening of the year.

Sk Energy bought the 35,000 tonnes cargo that was scheduled for the July30 and 31 loading from Hazira. The cargo was bought at a premium of $25 a tonne based on Middle East quotes for a free-on-board (FOB) basis. Last year, SK Energy bought a cargo from Hazira for a premium of $27 a tonne.

The return of SK Energy to the Indian spot naphtha market came at a time when average premiums for cargo have fallen to a $20s-a-tonne level, basing this for July cargos. This is compared to the average buying cost of $55 a tonne as based on Middle East quotes on a FOB basis for the March cargoes.