Asia Naphtha-Kuwait lowers term offers for the 3rd time

SINGAPORE: Kuwait Petroleum Corp (KPC) has reduced its offer for a third time this week for its full-range naphtha cargoes lifting April 2013 to March 2014 to a premium of $36 a tonne, traders said on Friday.

 

KPC is in its fifth day of term discussions in Singapore with Asian customers, mainly from Japanese and South Korean firms. 

 

KPC, which started talks on Feb. 4, quoted its first offer at a premium of $41 a tonnes to Middle East quotes on a free-on-board (FOB) basis but progressively cut it to $39, then to $38, and now to $36. 

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