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Traders and analysts report that the UAE and Kuwait have increased naphtha exports to Asia through ship-to-ship (STS) transfer operations conducted outside the Strait of Hormuz, helping Asian petrochemical producers boost plant operating rates.
sector shipping data indicates that the Abu Dhabi National Oil Company (ADNOC) and Kuwait Petroleum Corporation (KPC) account to nearly half of the total naphtha exports from the Gulf region. Between August and September of this year, the two companies exported a combined total of approximately 1.6 million metric tons (equivalent to 14 million barrels) of naphtha. In contrast, export volumes stood at only 700,000 metric tons during March and April, a period when conflicts in the Middle East disrupted global oil product trade.
Arman Ashraf, Director of Asia-Pacific Oil, gaseous, and NGLs at consultancy FGE NexantECA, noted a significant rise in direct naphtha loadings at the Port of Fujairah. These supplies included transshipments from Iraq, Ruwais, and Hamriyah, as well as smaller volumes trucked from other UAE ports to Fujairah to export. Trade data shows that ADNOC’s shipping division chartered 25 vessels between August and September to carry out STS transfers totaling approximately 1.5 million metric tons of naphtha in waters outside the Strait of Hormuz, specifically off the coast of Sohar, Oman.
After a three-month hiatus, Kuwait Petroleum resumed offering spot naphtha cargoes to Japan on a delivered basis in late June; shipments delivered in early September commanded premiums of up to $45 per metric ton over the Japanese benchmark price. Kuwaiti officials previously disclosed that STS transfer options outside the Strait of Hormuz are available to both crude oil and refined items, with such operations frequently scheduled in waters off the port of Vadinar on India's west coast. Additionally, QatarEnergy has offered up to 75,000 tonnes of naphtha to loading at Ras Laffan Port.
Improved supply from the Gulf region has supported operating rates at most naphtha crackers in Japan and South Korea, keeping them above 70% during August and September—up from approximately 68% in March and April. Meanwhile, SCG Chemicals (a subsidiary of Siam Cement Group) restarted its naphtha cracker in Rayong, Thailand, on September 17, following a six-month shutdown due to force majeure. (Source: China Chemical sector News)
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