KPC realizes lower premium on 100,000 tons of naphtha for H1-Sept

03-Aug-09

Kuwait Petroleum Corp (KPC) has sold 100,000 tons of naphtha full-range grade to Vitol at a premium of US$9/ton to Middle East quotes on a free-on-board (FOB) basis, and to Itochu at US$11/ton. The company had realized almost twice this amount for 270,000 tons sold for August lifting to traders. KPC, until recently, was an occasional spot exporter, will continue selling spot barrels due to a delay in the start-up of an aromatics plant. The market is already saddled with spot barrels, sending the intermonth timespreads into a contango for the first time in about 2 and a half months on Wednesday.