BP to not follow settlement for August PX ACP at $1,365/tonne

02 August 2012 10:58  [Source: ICIS news]

SINGAPORE (ICIS)--BP has informed its suppliers that it will not follow the settlement for the August paraxylene (PX) Asian Contract Price (ACP) at $1,365/tonne (€1,119/tonne) CFR (cost and freight), a source at the energy major said on Thursday.

The company will settle August deliveries based on the agreed terms of the individual contracts with suppliers, the Hong Kong-based source said without elaborating further.

Previously, South Korea’s S-Oil concluded its August ACP with a Taiwanese end-user, a Chinese end-user and a Japanese end-user at $1,365/tonne CFR Asia.

Rival Japanese PX major JX Nippon Oil & Energy also concluded its August ACP with a Taiwanese end-user and two Japanese end-users at 1,365/tonne CFR Asia.

Another Japanese PX maker, Idemitsu Kosan, has also decided not use the settlement at $1,365/tonne CFR Asia.

No settlements were heard from rival producer ExxonMobil, according to its customers.

($1 = €0.82)

By: Yu Guo
+65 6780 4359

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