Naphtha sale offer expected from Abu Dhabi's ADNOC

Abu Dhabi National Oil Co. (ADNOC) may offer naphtha to buyers in Asia for delivery from January through December 2011 as per Bloomberg. This may be several dollars more than the price agreed by Kuwait for December-November 2011 delivery. Earlier this month, Kuwait Petroleum Corp. sold full-range naphtha at US$12/ton over Middle East quotes and light grade at a US$13 premium. An initial offer price has yet to be decided by ADNOC. Negotiations will not officially start until ADNOC sends prospective buyers an offer price.
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