KPC cancels H2 September naphtha sell tender

30 July 2008 03:52  [Source: ICIS news]

SINGAPORE (ICIS news)--Kuwait Petroleum Corp (KPC) has cancelled its naphtha sell  tender for second half of September lifting, industry sources said late on Tuesday.

The tender offered 75,000 tonnes of full range naphtha for lifting over the second half of September. The tender did not state the port of loading. The tender had closed on 25 July with validity till later in the same day.

The cancellation was possibly due to low bids as the Asian naphtha market had been weak due to lackluster demand from Northeast Asian end-users amid a spate of turnarounds from July to September, and sufficient term supplies, industry sources said.

KPC previously sold a similar volume of full range naphtha to be lifted over second half of August at around a premium of $26.00-27.00/tonne to Middle East quotes FOB (free-on-board).

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By: Desmond Chia
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