KPC plans to raise term naphtha price

Kuwait Petroleum Corp (KPC) is currently in talks with Asian buyers to renew the April 2010-March 2011 term contract. KPC is expected to raise the premiums to US$20/ton to benchmark Middle East prices for naphtha term shipments during negotiations next week. This hike is estimated even as Japanese buyers declined a lower offer for supplies in December 2009, choosing to walk out of the deal without signing contracts. Asian participants will include Yeochun NCC Co, Hanwha Chemical Corp, Japanese refiner Cosmo Oil Co, Idemitsu Kosan Co, Marubeni Corp and Mitsubishi Corp. Open spec naphtha prices to Japan have plunged on demand concerns as China plans to tighten credit growth after government stimulus measures led to record high levels of new loans in 2009.
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