26 May 2008 07:41 [Source: ICIS news]
SINGAPORE (ICIS news)--Taiwan’s CPC Corp has accepted an offer for A-310 splitter grade naphtha from Saudi Aramco at a premium of $12/tonne for lifting in the second half of this year, industry sources said on Monday.
The premium on the naphtha from Ras Tanura was unchanged from the price fixed in the first half of this year, but the volume was still unknown.
Pricing for the A-180 light naphtha grade from Ras Tanura was earlier set at a premium of $16/tonne, unchanged from the price fixed in the first half of the year. The buyer was said to be a Malaysian end-user.
Buyers had reportedly accepted offers for the other grades of naphtha. The Rabigh chemical-treated naphtha grade was set at a premium of $15/tonne and the Jubail naphtha grade at a premium of $13/tonne.
Once a buyer accepted the price, Saudi Aramco would not revise the premium, a source said.
Negotiations had started early last week in London.
Customers include Japan’s Marubeni, South Korea's Yeochun Naphtha Cracking Centre (YNCC), Taiwan’s Formosa Petrochemical Corp and CPC Corp, and Malaysia’s Titan Chemicals Corp.
The recent offer had also attracted first timers like PetroChina, Sempra Energy and Trafigura. But, they were yet to accept the offers.
Saudi Aramco is the biggest Middle East naphtha supplier to Asia.
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