ADNOC offers naphtha for April 2011-March 2012 lifting at lower premiums vs 2010-2011

Abu Dhabi National Oil Company (ADNOC) has pegged its offers for three naphtha grades for April 2011-March 2012 lifting at lower premiums as compared to offers for 2010-2011. These premium levels are likely to impact offers from Kuwait Petroleum Corp (KPC), currently holding its term talks for the same lifting period in Singapore. Pentane grade was offered at US$21/ton premium to ADNOC's own price formula on a free-on-board (FOB) basis. Low-sulphur grade was quoted at US$20/ton premium and splitter naphtha at plus US$19/ton premium to the same formula. ADNOC's customers include Japan's Marubeni and Mitsubishi Corp, South Korea's Honam Petrochemical and Samsung Total and Taiwan's CPC. They are expected to reply to the offers on February 16.
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