Saudi’s Samref sells early-August naphtha at $13/t premium

16 July 2009 08:14  [Source: ICIS news]

SINGAPORE (ICIS news)--Saudi’s Samref has sold a cargo of paraffinic naphtha for early-August lifting at a premium of around $13/tonne (€9.23/tonne), industry sources said on Thursday.

The 230,000-bbl cargo, equivalent to 25,556 tonnes, was sold to Japanese trader Itochu at a premium of around $13/tonne FOB (free on board) to Middle East quotes from Yanbu for lifting over 4-6 August.

Market sources said the cargo was likely to incur higher freight costs as its size was smaller than average. A standard 30,000-tonne parcel would have fitted well into a medium-range vessel, they added.

Samref, a joint venture between Saudi Aramco and ExxonMobil, previously sold a similar cargo to the same buyer at a premium of $21-22/tonne FOB to Middle East quotes from Yanbu for lifting over 11-13 July.

($1 = €0.71)

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By: Desmond Chia
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