Significant drop unlikely in ADNOC’s term offer for naphtha shipments to Asia

A significant drop in term naphtha offer for shipment to Asia is unlikely from Abu Dhabi National Oil Co (ADNOC), the state-owned oil and gas company. ADNOC settled April 2009-March 2010 contract at premiums equal to its opening offer for this year for two grades with pentane-plus agreed at US$26.50/MT, and is likely to ask for a price close to its initial offer as Asian benchmark values have gained from a year ago levels. Pentane-plus naphtha is Adnoc’s most expensive grade, prized by petrochemical producers for its high yield of olefins. Asian benchmark prices have gained 66% since February 2009. This week, the company offered to sell splitter-grade naphtha at a premium of US$23.50/MT to benchmark prices for the year starting April. Low-sulfur grade was offered at US$24.50/MT and pentane-plus at US$25.50/MT.
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