China’s WEPEC to cut May naphtha exports by a third - source

05 April 2010 09:14  [Source: ICIS news]

SINGAPORE (ICIS news)--Dalian West Pacific Petrochemical (WEPEC), China’s export-oriented refiner, plans to reduce its naphtha exports to 60,000 tonnes in May from 90,000 tonnes shipped out in April, due to firm domestic demand, an industry source said on Monday.

The shipments for May would comprise two term cargoes, while the April exports included two spot cargoes and a term parcel, the source added. Each cargo is of 30,000 tonnes.

"Domestic consumption has improved for May so there will be no spot exports next month," the source said.

In Asia, second-half May open-spec naphtha was valued at $751.00-754.00/tonne (€555.74-557.96/tonne) CFR (cost and freight) Japan at mid-day Monday trade, up around $17.50-18.50/tonne from 2 April trades, according to global chemical market intelligence service, ICIS pricing.

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

($1 = €0.74)

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By: Felicia Loo

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