Kuwait Petroleum sells 50,000t naphtha cargo to Mitsui Oil

20 April 2009 09:42  [Source: ICIS news]

SINGAPORE (ICIS news)--Kuwait Petroleum Corp (KPC) has sold another 50,000 tonne naphtha cargo, bringing its May volumes to 155,000 tonnes given delays in the start-up of its aromatics plant in Shuaiba, industry sources said on Monday.

The cargo of full-range naphtha was sold to Mitsui Oil Asia at a premium of around $9/tonne (€6.9/tonne) to Arab Gulf quotes FOB (free on board) Kuwait for lifting over 16-21 May.

This is almost half the premium fetched for its earlier cargoes. The tender had closed on 15 April.

The sale to Mitsui Oil came at the heels of a similar cargo that KPC sold to Mitsubishi Corp and a 55,000 tonne cargo sold to Shell at premiums of $17.50 and $17.00 to Arab Gulf quotes, respectively, for delivery in May.

The Kuwaiti refiner seldom offers supplies on a spot basis as most of its naphtha are sold to term customers. But with its new aromatics plant not expected to start operations as originally scheduled in June, KPC has been actively selling the feedstock naphtha in the spot market, sources said.

The new start-up date for KPC’s Shuiaba aromatics plant, which can produce 395,000 tonne/year of benzene and 820,000 tonne/year of paraxylene (PX), is not yet known.

($1 = €0.77)

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By: Desmond Chia
+65 6780 4359

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