Kuwait Petroleum Corp - Kuwait’s state-owned refiner, also Asia's second largest term supplier, plans to have a 30% reduction in its naphtha exports. KPC’s annual naphtha exports pegged at 7-7.5 mln tpa, are expected to come down to 5 mln tpa. About 1.5 mln tons of naphtha will be used for consumption by it’s new aromatics plant, for which KPC started reducing its term volumes since last year. The quantity will be pruned by 500,000-600,000 tons in its upcoming December-November contracts.
However, extended delays since April in start up of its aromatics plant, left the company with naphtha stocks that found its way into Asian markets, leading to a supply glut. In May and July, KPC exported record-high volumes of 300,000 tons of spot naphtha each month.