Kuwait Petroleum offers term naphtha at $34/tonne premium

10 October 2013 05:22  [Source: ICIS news]

SINGAPORE (ICIS)--State-owned oil company Kuwait Petroleum Corp (KPC) is selling term naphtha supply at a premium of more than $30.00/tonne (€22.20/tonne) to Middle East quotes FOB (free on board) pricing, traders said on Thursday.

KPC held meetings with Asian buyers over term naphtha supply for the duration from December 2013 to November 2014 in Singapore this week, they added.

KPC’s price offer is at a premium of $34/tonne to Middle East quotes FOB, beating earlier trade expectations of a premium of $25/tonne to Middle East quotes FOB, the traders said.

The premium in the high $20s/tonne is already deemed “ridiculous” to the trading community, they added.

The term talks have not been concluded yet.

($1 = €0.74)

By: Felicia Loo

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