Asian term naphtha offers slide amid petrochem glut

21-Nov-08
The petrochemical glut in the Asian region has resulted in sliding term naptha premiums relative to previous offers. Kuwait Petroleum Corp (KPC), Asia's no. 2 naphtha supplier had recently arrived at a premium of US$2/ton relative to Middle East quotes on FOB basis for December 2008 - November 2009 naphtha supply contract. Some of the companies which have accepted KPC's offer include India's Haldia Petrochemical Ltd; Taiwan's Formosa Petrochemical Corp; Japan's Mitsubishi Chemical Company and others. Abu Dhabi National Oil Co (ADNOC), Asia's third leading naphtha supplier have fixed a premium of US$3-5/ton to Middle East quotes on FOB basis for its January 2009 - December 2009 naphtha contract, a near three quarter decline relative to previous term offer from June 2008 - December 2008. Korea's Hanwha Corp and Taiwan's CPC Corp are amongst the leading Asian customers of ADNOC.
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