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

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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