SINGAPORE: Kuwait Petroleum Corp (KPC) has sold a prompt naphtha cargo to Vitol at about $6 a tonne above Middle East quotes on a free-on-board (FOB) basis, the lowest premium the Middle East refiner received this year, traders said on Monday.
KPC sold the 25,000-tonne full-range naphtha cargo last Friday for Aug. 27-28 loading to the European trading house.
KPC had previously sold 50,000 tonnes of full-range naphtha for Sept. 20-30 loading at a premium of $12 a tonne but persistently high supplies have continued to drag prices down.
Not only is Europe sending more naphtha to Asia in view of lacklustre demand in the West, but Kuwait's exports were also seen higher.
KPC's September exports so far stood at 124,000 tonnes, one of the highest volumes seen this year for a single month by Kuwait.
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