China’s WEPEC in talks to sell April-June naphtha supply

SINGAPORE (ICIS news)--China’s export-oriented refiner, Dalian West Pacific Petrochemical (WEPEC), is currently conducting term naphtha negotiations with end-users for quarterly April-to-June supply, traders said on Monday.

WEPEC offered full-range naphtha at double-digits, up from low single-digits locked in for January-to-March supply, they added.

The company exports around two term naphtha cargoes every month, and each cargo is 30,000 tonnes, traders said.

WEPEC last sold 30,000 tonnes of spot full-range naphtha for loading in April, at a premium of around $15.00/tonne (€10.95/tonne) to Japan spot quotes FOB (free on board), up from a premium of $12.00/tonne fetched in a previous spot trade, they said.

WEPEC’s 200,000 barrel/day refinery, located in the northeastern coastal city of Dalian, is a joint venture owned by state energy giant PetroChina, oil major Total and state-run Sinochem Corp.

($1 = €0.73)