KPC sells 50,000 tonnes of naphtha in first half July

22 June 2009 05:12  [Source: ICIS news]

SINGAPORE (ICIS news)--Kuwait Petroleum Corp (KPC) has sold 50,000 tonnes of full range naphtha for first half July lifting, trading sources said on Monday.

The cargo was sold to Itochu at a premium of $15-16/tonne (€10.8-11.52/tonne) to Arab Gulf quotes FOB (free-on-board) Kuwait.

The Arab Gulf producer could possibly have sold another similar cargo at lower premiums in July, although the exact lifting dates and buyer details remained sketchy.

KPC had sold a total 155,000 tonnes in May at premiums ranging between $9-17.50/tonne to Arab Gulf quotes FOB Kuwait.

Sources said the large volume of May and June cargoes was due to the delayed start-up of its new aromatics plant at Shuaiba. The Kuwaiti refiner seldom offers supplies on a spot basis as most of its naphtha is sold to term customers.

The new aromatics plant in Shuaiba can produce 395,000 tonnes/year of benzene and 820,000 tonnes/year of paraxylene (PX). Souces said the units would be delayed to the third quarter of the year from the previously targeted June 2009.

($1 = €0.72)

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By: Desmond Chia
+65 6780 4359

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