31 October 2011 08:52 [Source: ICIS news]
SINGAPORE (ICIS)--Kuwait Petroleum Corp (KPC) has agreed to sell term naphtha supplies for the period of December 2011-November 2012, traders said on Monday.
The term full-range naphtha was priced at a premium of $18.50/tonne (€13.14/tonne) to Middle East quotes FOB (free on board), while term light naphtha was priced at Middle East FOB plus $20.00/tonne.
However, the initial buying ideas of Asian end-users were much lower at premiums of $14.00/tonne in the face of squeezed margins and falling downstream petrochemical demand, traders said.
KPC agreed to sell term 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.
($1 = €0.71)
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