26 April 2012 08:51 [Source: ICIS news]
The cargo was sold at plus $32/tonne (€24/tonne) CFR (cost and freight)
S-Oil last sold a 15,000 tonne naphtha parcel to
“This is the highest premium a refiner had fetched on CFR Japan basis for this year, and it is possibly the highest premium that S-Oil has achieved to-date. The key reason for the high premium paid is due to a shortage of spot light naphtha cargoes,” said a trader.
Light naphtha had been in short supply since mid-April, when GS Caltex was forced to shut its naphtha splitter due to an undisclosed technical problem, several traders said.
GS Caltex shut its 90,000 bbl/day naphtha splitter in Yeosu in the week ending 20 April, the traders said.
The firm’s unit splits full-range naphtha into light and heavy grades.
Heavy naphtha is supplied to the company’s own aromatics plants in Yeosu, while light naphtha is supplied to other cracker operators, such as Honam Petrochemical, LG Chem, and Yeochun NCC in the region.
($1 = €0.76)
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