November 24, 2017 / 8:08 AM / 2 months ago

BUZZ-Taiwan's Formosa buys naphtha at higher premiums

** Taiwan’s Formosa Petrochemical Corp buys larger-than-average naphtha volume at firm premiums due to squeezed supplies, people familiar with the matter say

** Formosa buys between 150,000 and 200,000 tonnes of open-specification naphtha for first-half January arrival at Mailiao from three trading houses

** Asia’s top naphtha importer usually buys between 100,000 and 150,000 tonnes per half month

** The premium Formosa pays for the first-half January cargoes, at about $10 to $10.50 a tonne to its own price formula on a cost-and-freight (C&F) basis, is also the highest it has paid since March 2015

Reporting by Seng Li Peng; Editing by Biju Dwarakanath

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