Citgo to withdraw from US MX contract negotiations in 2014

06 December 2013 23:59 Source:ICIS News

HOUSTON (ICIS)--Citgo will not participant in US mixed xylenes (MX) contract negotiations in 2014, according to a source close to the company on Friday.

Details of Citgo’s decision to withdraw from the MX contract negotiation process were not disclosed.

It was not the first time aromatics players have withdrawn from the MX contract process.

Back in January 2012, the MX contract between BP and Citgo was dissolved, as negotiations were said to be not representative of the entire market and the negotiated volume was deemed too small.

Prior to that in March 2011, Total and Koch Industries ended their MX contract arrangement.

The December MX contract settled at $3.72/gal FOB (free on board), a rollover from November.

By Brian Balboa