Kuwait Petroleum begins naphtha term negotiations

02 June 2008 10:15  [Source: ICIS news]

SINGAPORE (ICIS news)--State-run Kuwait Petroleum Corp (KPC) has started negotiations with its Asian customers on Monday for its August 2008 to July 2009 term naphtha, said industry sources.


Negotiations would take place in London today and would likely last a week, a source said.


KPC’s most recent April 2008 to March 2009 term naphtha contract was settled at a premium of $19.75/tonne to Middle East quotes FOB (free-on-board).


KPC’s settled price for its August 2007 to July 2008 contract was at $21.00/tonne to Middle East quotes FOB.


KPC is Asia's second-largest supplier of naphtha after Saudi Arabia. KPC supplies term naphtha in three 12-month cycles, with one starting in April. The other two start in August and in December.


Term buyers include South Korea's Hanwha Corp, Samsung Total Petrochemicals Co, YNCC, Japan's Mitsui & Co, Mitsubishi Corp and Taiwan's CPC Corp and Formosa Petrochemical Corp.

By: Desmond Chia
+65 6780 4359

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