Kuwait lowers offer for term naphtha, buyer ups bid

Kuwait Petroleum Corp (KPC) has lowered its initial offer while a lifter has raised its bid for naphtha supplies to be lifted between April 2010 and March 2011, and traders expected negotiations to be concluded soon. The buyer raised its bid by $2.00 to $20.00 a tonne premium to Middle East quotes, on a free-on-board (FOB) basis, while KPC reduced its offer by more than $2 to slightly below $24.00 a tonne premium, FOB, traders said on Wednesday. The initial offer, which was not made to all of its lifters, was at $26.00 a tonne premium, FOB. Customers in the term talks include South Korean, Taiwan, Japanese and Indian companies, some of which have expressed concern over the high numbers at a time of softening spot demand.