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Saudi Aramco offers second rare spot parcel from Jubail in under a month

The state-owned refiner had in second-half June sold a parcel for July 17-18 loading from the port at a premium of around $10.00 a tonne.


July 21, 2010 1:06 by

Saudi Aramco has offered around 50,000 tonnes of naphtha for Aug. 27-29 loading, its second rare spot parcel loading from Jubail in less than a month, traders said on Wednesday.

It had in second-half June sold a parcel for July 17-18 loading from the port at a premium of around $10.00 a tonne to its own price formula on a free-on-board (FOB) basis.

The state-owned refiner is likely to push out at least one spot parcel from the port every month after its term buyers had either reduced the volumes, or dropped their contracts citing high premiums.

Saudi Aramco was also forced to sell parcels from Yanbu and Jeddah, usually on a co-load basis, in the spot market for the same reasons.

Last Friday, it sold some 55,000 tonnes for end-July to early August co-loading from Yanbu and Jeddah to Noble at a premium of $2.00-$3.00 a tonne, FOB.

(Reporting by Seng Li Peng; Editing by Ramthan Hussain)


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