Kuwait Petroleum sells term naphtha at premium of $18.50/tonne

23 February 2011 06:39  [Source: ICIS news]

SINGAPORE (ICIS)--Kuwait Petroleum Corp (KPC) has agreed to sell term full-range naphtha to customers in Asia for April 2011-March 2012 supply at prices in the high teens, traders said on Wednesday.

The term price stood at a premium of $18.50/tonne (€13.50/tonne) to Middle East quotes FOB (free on board) following two rounds of cuts in term price offers, they added.

Meanwhile, the outlook on naphtha was bearish, in light of surplus from Europe and tepid demand during the peak cracker turnaround season, traders said.

The term premiums for KPC’s April 2010–March 2011 naphtha contract were at market quotes plus $22/tonne, they said.

KPC agreed to sell naphtha for December 2010-November 2011 lifting at a premium of $12/tonne to Middle East quotes FOB and light naphtha at a premium of $13/tonne to Middle East quotes FOB, traders said.

Its August 2010-July 2011 naphtha term contract was settled at Middle East quotes FOB plus $21/tonne, they added.

($1 = €0.73)

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By: Felicia Loo

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