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Japan’s JXTG expands use of Argus PX prices

  • Mercados: Petrochemicals
  • 03/10/19

Japan's JXTG Nippon Oil & Energy, the world's largest merchant seller of paraxylene (PX), has changed the pricing basis for its 2020 term contracts to rely more heavily on Argus cfr Taiwan and China spot assessments.

The company has offered its term supplies for next year on a 50pc Argus, 50pc Icis basis. It previously priced its PX sales on a 50pc Platts, 25pc Argus and 25pc Icis weighting.

Further details of the 2020 tender are unavailable. JXTG sold some of its term PX supplies for 2019 delivery at a $2/t discount to the 50pc Asia Contract Price (ACP), 50pc cfr Taiwan/China assessments formula.

JXTG operates 11 PX units across Japan with a combined nameplate production capacity of 3.12mn t/yr. It also has a 50pc stake in the 1mn t/yr Ulsan Aromatics (UAC) complex in South Korea, in a joint venture with SK Global Chemical.

JXTG also has 1.95mn t/yr of benzene production in Japan, as well as a 300,000 t/yr offtake from UAC.


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