Kuwait Petroleum Corp to start negotiations with naphtha buyers

Largest Middle Eastern exporter of oil products to Asia - Kuwait Petroleum Corp. (KPC), is estimated to begin negotiations with naphtha buyers next week, as per Bloomberg. KPC plans to meet Asian buyers at the end of next week or the following week to set prices for supplies for the year beginning April. The talks could kick off as early as Feb. 14 in Singapore. KPC may sell about 1 mln metric tons in this round, mainly under annual agreements by producers in the Persian Gulf. Kuwait offers yearlong term contracts starting April, August and December. For the December contract, KPC set its Full-Range naphtha grade at US$12/ton above Middle East prices, and sold Light naphtha at a premium of US$13/ton. The company sold a total of 1.8 million tons in that cycle. KPC may be aiming to sell its naphtha at prices similar to those for short-term naphtha cargoes loaded in February and March.
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