Saudi Aramco's term naphtha buyers accept 4 of 5 offered premiums

29-May-12
One week after it commenced term discussions, Saudi Aramco has found buyer acceptance for four out of the five naphtha premiums offered under its term naphtha cycle for July-December, with only the A180 naphtha grade still under negotiation, as per Platts. A180 naphtha from Yanbu and Ras Tanura, offered at a premium of US$31/mt, has yet to be settled. Buyers are reported to have accepted A310 naphtha from Ras Tanura at a premium of US$33/mt, chemical feed naphtha from Jubail at a premium of US$29/mt, and both treated naphtha from Rabigh and A310 naphtha from Jeddah at premiums of US$25/mt. The naphtha premiums offered by Aramco for H2 2012 are its highest on record and so far, up to two term buyers have dropped out of term talks -- one is a Western refiner and the other, a Japanese trading house. Compared with the premiums settled a year earlier, the current premiums are 25-73.7%, higher. For its H2 2011 contract, Aramco had priced A180 naphtha from Yanbu and Ras Tanura at a premium of US$21/mt, treated naphtha from Rabigh at a premium of US$20/mt, chemical feed naphtha from Jubail and A310 naphtha from Ras Tanura at premiums of US$19/mt for both, and a premium of US$16/mt for A310 naphtha from Jeddah.
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