Tokyo (Platts)--20Nov2012/407 am EST/907 GMT

India's ONGC Mangalore Petrochemicals Limited has issued tenders to sell paraxylene and benzene from its new aromatics plant, the company said Tuesday.

The plant, which is under under construction at Mangalore and scheduled to come online in April-June 2013, is able to produce 900,000 mt/year of paraxylene and 270,000 mt/year of benzene, it added.

OMPL plans to sell two-thirds of its production volume in the domestic market and the rest for export, the company said in a statement.

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Buyers who are interested in long-term contracts for benzene and PX are invited to place their bids by 2 pm India time (0830 GMT) on November 29, and for short-term contracts, the submission deadline is 2 pm India time on November 30.

For PX, the pricing formula will be based 50% on the Asia Contract Price and 50% on the Platts CFR Taiwan/China PX assessment, while for benzene it will be based 100% on the Platts FOB Korea assessment.

--Fumiko Dobashi, fumiko_dobashi@platts.com --Edited by Geetha Narayanasamy, geetha_narayanasamy@platts.com

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