Bapco seals 2009 naphtha deal at plus $6/T
Singapore, December 22, 2008
Bahrain Petroleum Company (Bapco) has sealed its January-December 2009 naphtha deal with most of its customers at $6 a tonne premium to Middle East quotes, on a free-on-board (FOB) basis, traders said on Monday.
'There are 9 customers involved in the talks, and 85 per cent of them have already accepted the new premium,' said a source familiar with the deal.
There will be no changes made once a customer accepts the new term price.
Buyers who have embraced the new premium, which is about 67-68 per cent lower than its 2008 price at $18.50 a tonne over Middle East quotes on a FOB basis, include Japanese trader Marubeni, Western trader Vitol, and South Korea's top ethylene maker Yeochun NCC (YNCC), traders added.-Reuters