Qatar’s Tasweeq doubles premiums on August naphtha cargo

19 July 2012 09:26  [Source: ICIS news]

SINGAPORE (ICIS)--Qatar International Petroleum Marketing (Tasweeq) sold 50,000 tonnes of full-range naphtha and 50,000 tonnes of plant condensate by tender for second half of August delivery, at premiums more than twice its July sales, traders said on Thursday. 

The naphtha lot, which will be loaded from Ras Laffan on 25–26 August, fetched at a premium of $24/tonne (€20/tonne) to Middle East FOB (free on board) quotes.

The plant condensate cargo, which be lifted from Ras Laffan on 21–22 August, was sold at a premium of $27/tonne to Middle East FOB (free on board) quotes.

The buyers of the cargoes are not yet known.

The premiums for the August delivery were more than twice Tasweeq’s previous sales for second half of July loading, which were at $10–11/tonne to Middle East FOB quotes.

“The premiums are good,” said a refiner based in the Arabian Gulf.

“This premium is not bad for the producer,” a Singapore-based trader said.

Premiums for spot purchases are on an uptrend, in tandem with stronger demand for physical cargoes, as regional crackers have ramped up run rates.

($1 = €0.82)

Author: Sheau Ling Ong

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