Article: Japan : Marubeni not to renew naphtha deal with KPC due to high offers.

Byline: manish03

Japanese trading house Marubeni will not renew its contract with Kuwait Petroleum Corp (KPC) for naphtha supplies lifting December 2009-November 2010 due to high offers, traders said on Monday.

Marubeni has been the biggest term holder alongside Mitsubishi Chemical and Maruzen, said a trader. KPC has three yearly contracts, with each agreement running from April-March, August-July and December-November. Marubeni is said to be involved in all three contracts before the termination, making them a significant customer of KPC. For the December-November contract, traders estimated that volumes held by the Japanese trader could be less than ...

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