SINGAPORE, June 3 (Reuters) - Kuwait Petroleum Corp (KPC) will hold talks from Monday with Asian buyers in London for naphtha lifting August 2013 to July 2014, with the current weaker market unlikely to weigh on offers expected at above $30 a tonne, traders said.
KPC's most recent discussion this year was in February for supplies lifting April 2013 to March 2014, which was concluded at record levels of $35 a tonne to Middle East quotes on a free-on-board (FOB) basis.
"KPC will likely target levels similar to what they had fetched," said a North Asian trader.
But buyers are expected to be aiming for high $20s a tonne level at most, said another trader.
Unlike the first quarter, naphtha supplies are no longer tight due to an abundance of eastbound cargoes from Europe and the Mediterranean.
KPC's term talks this week will be closely watched as they will set the stage for Abu Dhabi National Oil Co's (ADNOC) upcoming discussion for naphtha lifting August 2013 to July 2014.
ADNOC will be in Japan next week to discuss nominal price levels with buyers before holding an official term negotiation.
It concluded its term discussions in late May for jet fuel supplies lifting July 2013 to June 2014 at a premium of about $2.20 a barrel to Middle East quotes on a free-on-board (FOB) basis, traders said.
This was about 7.3 percent higher than an existing contract for jet supplies lifting July 2012 to June 2013.
(Reporting by Seng Li Peng; Editing by Richard Pullin)
((lipeng.seng@thomsonreuters.com)(+65 6870 3086)(Reuters Messaging: lipeng.seng.thomsonreuters.com@reuters.net))
Keywords: NAPHTHA KUWAIT/KPC
