Yemen’s Aden plant sells naphtha to Glencore after long absence
Yemen's Aden Refinery has sold about 60,000-80,000 tonnes of naphtha to Glencore for August and September lifting, its first spot sales in at least nine months, traders said on Wednesday.
August 23, 2012 11:42 by Reuters
The volumes were broken down into two shipments, with the first shipment scheduled for second-half August loading and the second for Sept. 10-15 lifting.
Each shipment comprises a combination of two naphtha grades: 15,000-20,000 tonnes of light naphtha plus another 15,000-20,000 tonnes of heavy naphtha.
The premiums were not immediately clear, but traders estimated the price levels to be around $25 a tonne above Middle East quotes on a free-on-board basis.
This was sharply down compared to a year ago when it sold a heavy naphtha grade cargo at about a $40 a tonne premium.
Yemen’s Aden had halted operations for nine months because of attacks on the country’s main oil pipeline.
It has since resumed operations. (Reporting by Seng Li Peng and Jessica Jaganathan; Editing by Nick Macfie)