Offers for January-December naphtha reduced to Asia by ADNOC

15-Nov-10

Abu Dhabi National Oil Co. (ADNOC) has reduced offers for January-December naphtha to Asia. As per confidential disclosures offers have been reduced by US$.50 since last week to US$18.50/mt above benchmark Middle East prices for Pentane Plus, to US$17.50/mt for Low Sulfur grade and to US$16.50/mt for Splitter grade. Rising spot prices in Asia have encouraged ADNOC to quote prices higher than its previous round of contract negotiations in July (at US$11.50-12.50/mt) as well as offers by Kuwait in October.