China’s Unipec Wins Egypt Naphtha Tender Biggest Share

China’s Unipec has won the biggest share of Egypt’s tender to sell naphtha in the second half of 2012, traders said on Friday, adding that Gunvor and Total were among other firms expected to win cargoes.

Egypt’s state oil company issued a tender in May to sell three 35,000 tonne cargoes of naphtha per month from the port of Suez, and about two 25,000 tonne cargoes per month from the port of Alexandria.

Unipec was awarded the bulk of cargoes to be delivered to the port of Suez, which typically supplies the Asian market. Traders said that premiums agreed were around $18-$21 a tonne over regional quotes.

The deadline for the validity of offers for Alexandria cargoes, which normally flow to Europe and the Mediterranean, was extended until next week, but traders expected Total and Gunvor to be among the winners.

Offers for cargoes for delivery to Alexandria were lower, reflecting growing weakeness in Europe’s naphtha market, and quoted at around $11-$13 a tonne premiums to regional quotes, according to a trader.
This news has been reported by Reuters.