Kuwait Petroleum Corp (KPC) has sealed a December 2014 to November 2015 full-range naphtha deal with at least one Asian buyer at $15 a tonne above Middle East quotes on a free-on-board (FOB) basis, traders said on Friday.

This was down 38 per cent from last year's 12-month deal which started December 2013 as hefty supplies weighed heavily on premiums.

KPC started negotiations on Monday in Singapore with buyers mainly from Japan and South Korea. It started with an official offer at $17 a tonne premium around mid-week against buying ideas at $14 a tonne premium.

KPC holds three term-talks a year for 12-month contracts starting April, August and December.

The newly signed premium was the lowest in four years for KPC's December-November contract. - Reuters