Asian term naphtha offers slide amid petrochem glut

The petrochemical glut in the Asian region has resulted in sliding term naptha premiums relative to previous offers. Kuwait Petroleum Corp (KPC), Asia's no. 2 naphtha supplier had recently arrived at a premium of US$2/ton relative to Middle East quotes on FOB basis for December 2008 - November 2009 naphtha supply contract. Some of the companies which have accepted KPC's offer include India's Haldia Petrochemical Ltd; Taiwan's Formosa Petrochemical Corp; Japan's Mitsubishi Chemical Company and others. Abu Dhabi National Oil Co (ADNOC), Asia's third leading naphtha supplier have fixed a premium of US$3-5/ton to Middle East quotes on FOB basis for its January 2009 - December 2009 naphtha contract, a near three quarter decline relative to previous term offer from June 2008 - December 2008. Korea's Hanwha Corp and Taiwan's CPC Corp are amongst the leading Asian customers of ADNOC.
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