Kuwait Petroleum Corp (KPC) has slashed offers for its full-range naphtha in a 12 month contract starting in December by 16.2% to US$28.50/ton to Middle East quotes on a free-on-board (FOB) basis, as per traders in Reuters. Traders were taken by surprise by this possible record cut in term offers by the Middle Eastern refiner. KPC's initial offer for the contract running from December 2013 to November 2014 was at US$34/ton to Middle East quotes, nearly 26% higher than for the current contract. KPC usually reduces its offers by US$1-2/ton as talks with its Asian buyers progress through the week. KPC took US$5.50/ton off its initial offer due to strong buyer resistance as the market is currently awash with supplies from Europe.
11-Oct-13 
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