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KPC cancels second naphtha tender in two weeks

KPC cancels second naphtha tender in two weeks
Demand on naphtha in Japan could slow

Mubasher: Kuwait Petroleum Corporation (KPC) cancelled a tender to sell naphtha, marking the second time to withdraw a tender in less than two weeks, Reuters reported on Wednesday.

However, the company has not immediately confirmed the tender withdrawal due to a national holiday. 

The petroleum corporation offered a light-grade naphtha cargo totalling 24,000 tonnes for 11 and 12 March loading through a tender that was set to be awarded by the end of last week but was cancelled later, sources told Reuters. 

On 14 February, KPC cancelled a tender to sell 25,000 tonnes of full-range naphtha for 21 and 22 February delivery because of unsuitable bids.

Demand on naphtha in Japan could slow as crackers in Japan and Malaysia are set to undergo scheduled maintenance.

It is noteworthy that KPC is not the only supplier to cancel tenders in the MENA region, as the Abu Dhabi National Oil Company (ADNOC) had cancelled a cargo on 17 February due to low bids.