Kuwait Said to Sell Year’s Naphtha Supply at $27 Premium

Kuwait Petroleum Corp. will sell a year’s supply of full-range naphtha starting in December at a premium of $27 a metric ton, according to two people with knowledge of negotiations with Asian buyers.

The company set its premium to Middle East benchmark prices during talks in London last week, the people said, asking not to be identified because the information is confidential. No one answered two telephone calls to the media relations department in Kuwait City.

The premium is 13 percent higher than the $24 a ton buyers paid for a year’s supply beginning in August 2012, the people said. Kuwait sold naphtha at a premium of $18.50 a ton for the contract starting December 2011, according to data compiled by Bloomberg.

To contact the reporter on this story: Ann Koh in Singapore at akoh15@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net