ADNOC has sealed contracts for naphtha lifting for a 12-month period starting July, with most of its Asian buyers at record premiums of US$26-27.50/ton to its own price formula after being locked in talks since May 14, as per Reuters. Buyers had initially resisted the high premiums but relented. Generally, petrochemical makers prefer the Middle Eastern refiner's grades because they know what they are getting as they are buying from a familiar source.
ADNOC has three grades for the one-year term: Splitter naphtha was offered at a premium of US$26/ton, low-sulphur grade at US$26.50 and pentane at US$27.50/ton premium.
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