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SINGAPORE: Kuwait Petroleum Corp (KPC) may be close to sealing its naphtha December 2012 to November 2013 contracts after it reduced offers by about $2 to $28 a tonne above Middle East quotes on a free-on-board (FOB) basis against bids of around $26.
KPC made the reduction for the full-range naphtha grade on Thursday at its talks with Asian buyers in London, traders said.
The highest premium KPC has ever fetched for a one-year contract was for cargoes lifting from August 2012 to July 2013 at $24 a tonne above Middle East quotes on a FOB basis.
It usually holds three term meetings a year.
The meetings usually last for a week, and buyers have the option to decide after the meeting.
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