Kuwait Petroleum cuts naphtha term offer
Singapore, November 7, 2009
Kuwait Petroleum Corporation (KPC) has for the first time cut its term naphtha offer to $13 a tonne premium, despite sealing a deal with one buyer at a higher price which would have been normally agreed by others, traders have said.
The latest offer has been accepted by three buyers, trade sources were quoted as saying in a report in our sister newspaper Gulf Daily News.
'KPC's full-range naphtha is especially popular with some petrochemical makers,' one trader said.
The sources said that despite the latest acceptance, more termination of the contract may have also taken place after the revision.
KPC's latest $1 reduction from the premium agreed with Taiwan's CPC this week, could have been prompted by strong resistance from customers including South Korea's Hanwha and YNCC, Japan's Mitsui Chemical and Maruzen as well as India's Haldia Petrochemicals, industry sources said.
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