Citgo confirms new US MX contract structure with BP

06 January 2012 23:43  [Source: ICIS news]

HOUSTON (ICIS)--Citgo confirmed a new mixed xylene (MX) contract structure with BP on Friday, following market commentary earlier in the week that the MX contract was dissolved.

A source with the company said its contract agreement with BP, which reflected a grade of ASTM (American Society for Testing and Materials) 5211, expired at the end of 2011.

The company source said its new MX contract agreement with BP will reflect high non-aromatics and a high bromine index of 125-150 sold from its Corpus Christi complex in Texas.

Citgo said it has a nameplate capacity of 350,000 tonnes/year at the Corpus Christi refinery.

The new MX contract for January was settled on Friday at $3.82/gal for January, up by 35 cents/gal from the December price of $3.47/gal alongside a higher January benzene contract.

The higher MX January contract comes after the US January benzene contract settled at $3.70/gal, up 70 cents/gal from December, tracking stronger energy prices.

Meanwhile, MX spot prices were higher heard at $3.85-3.95/gal FOB (free on board) on Friday, compared with $3.80-3.90/gal on 28 December.

($1 = €0.78)

Additonal reporting by Brian Balboa

For more on MX visit ICIS chemical intelligence

By: Blanca Venegas

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