Kuwait Petroleum nets single-digit bids in naphtha term talks

05 October 2010 09:09  [Source: ICIS news]

SINGAPORE (ICIS)--Kuwait Petroleum Corp (KPC) has received bids with single-digit premiums for term naphtha supply between December 2010 and November 2011, lower than its recently concluded contract for August 2010-November 2011 supply amid a glut, traders said on Tuesday.

The term talks started on Monday in Singapore and potential buyers submitted premiums of $8.00-9.00/tonne (€5.84-6.57/tonne) to Middle East quotes FOB (free on board), they added.

But, on the other hand, KPC’s selling idea hovered at a premium of $13/tonne to Middle East quotes FOB, traders said.

“There are a lot of spot cargoes from the Middle East and India, and the market is not strong,” said one trader, referring to the sharply lower bid levels.

For its August 2010-July 2011 naphtha contract, KPC garnered a premium of $21/tonne to Middle East quotes FOB, traders said.

($1 = €0.73)

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By: Felicia Loo



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