Wednesday, Dec 14, 2011
SINGAPORE (Dow Jones)--Saudi Arabian Oil Co., known as Saudi Aramco, has reached agreements with some buyers over term premium levels for first-half 2012 naphtha supply at $13-$20 a metric ton above its own formula on a free-on-board basis, traders close to the talks said Wednesday.
The company, one of the top two suppliers to Asia, has settled A-180 grade at plus $19/ton, chemical-treated grade from Rabigh at plus $17/ton, chemical feed grade from Jubail at plus $16.50/ton and A-310 grade from Ras Tanura at plus $20/ton and from Jeddah at plus $13/ton.
"Those levels are very high," one of them said.
Saudi Aramco has managed to fetch stronger premiums versus other Middle Eastern producers, as market sentiment has recovered on improved fundamentals for next month.
For the July-December 2011 period, the company settled premiums for A-180 grade at $21/ton, for chemical-treated grade from Rabigh at $20/ton, chemical feed grade from Jubail at $19/ton, A-310 from Ras Tanura at $19/ton and A-310 from Jeddah at $16/ton.
Saudi Aramco is scheduled to wrap up face-to-face meetings with term customers in London this week.
"Most buyers have accepted" its offers, another trader said.
-By Max Lin, Dow Jones Newswires; 65-6415-4063; max.lin@dowjones.com
(END) Dow Jones Newswires
14-12-11 1023GMT
