KPC follows ADNOC, to start annual naphtha term talks by end of week

Kuwait Petroleum Corp plans to start discussions February 14 in Singapore with its customers for the term supply of naphtha over April 2011-March 2012, as per Platts. KPC's negotiations follow UAE's Abu Dhabi National Oil Co’s term supply naphtha talks for the same 12 month cycle in Singapore at the beginning of the week. KPC previously held negotiations for December 2010-November 2011 cycle in October 2010, offering light naphtha for the first time as well as its usual full range naphtha at premiums of US$13/mt and US$12/mt, respectively, over the Mean of Platts Arab Gulf naphtha assessments, on a FOB basis. KPC's favorable premiums offered in that December 2010 train saw a healthy uptake in the number of buyers which included South Korea's Hanwha Corp, Samsung Total and Yeochun NCC, Japan's Idemitsu, Maruzen Petrochemicals, Mitsubishi Corp, Mitsui Chemicals and Sanyo Petrochemical, India's Haldia Petrochemical, Taiwan's CPC Corp and trading house PetroChina. It is not clear if light naphtha will be offered again in KPC's April 2011-March 2012 train. For its April 2010-March 2011 cycle, KPC had sold full range naphtha at Platts MOPAG naphtha assessments plus $22/mt.
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