EGPC sells 350,000 ton September-December loading naphtha from Suez

06-Sep-10

State-owned Egyptian General Petroleum Corp (EGPC) has sold 350,000 tons of naphtha for September-December loading from Suez. JPMorgan will lift 6 cargoes, each at 35,000 tonnes, at premiums ranging US$2-5/ton to Middle East quotes, on a free-on-board (FOB) basis, as per Reuters. Glencore will lift two parcels, each for November and December at premiums of about US$4-5/ton FOB, while Gunvor bought a cargo for December at around US$6.50/ton FOB. Mabanaft took the October parcel but premiums were not immediately clear. Overall prices are lower than what EGPC realised in late June for 420,000 tons for July-December loading from Suez at US$3-12.50/ton FOB.