UAE's ADNOC to push forward by a month, April-March term naphtha cycle

25-Feb-13

The UAE's Abu Dhabi National Oil Co (ADNOC) plans to shift its April 2013-March 2014 naphtha term cycle forward by a month. With this, its cycle will change to May 2013-April 2014 term cycle instead, as per Platts. Should the term be brought forward, it would be in line with ADNOC’s decision last year to change its January-December 2013 term contract into a February 2013-January 2014 cycle. Reasons for that change could not be confirmed at the time, nor could it be ascertained if the change would be a permanent one. ADNOC sells naphtha via three term contracts -- all 12-month cycles. Apart from the usual January-December and April-March term contracts, it also has a July-June cycle. It is not known yet if the refiner will likewise delay its July-June cycle by a month.