ADNOC to raise May 2013-April 2014 naphtha offers

04-Apr-13

Abu Dhabi National Oil Co. (ADNOC) offered to sell a year’s supply of naphtha starting in May at higher levels than its February contract, as per players reported in Bloomberg. The company offered low-sulfur naphtha and splitter grade at a premium of US$36.50/m ton to Middle East prices, as per confidential information. Pentane-plus grade naphtha was offered at a premium of US$38/ton. It is believed that ADNOC delayed the contract, which typically starts in April, because of limited supplies.