Adnoc offers lower naptha premiums

Abu Dhabi National Oil Company (Adnoc) offered naphtha supplies for July 2009-June 2010 lifting at $10.50-$12.50 a tonne to its own pricing formula on a free-on-board (FOB) basis, about half its April 2009-March 2010 premiums amid a weaker market, traders said yesterday.

Adnoc, Asia's third largest supplier after Saudi and Kuwait, took the cue from Saudi Aramco, which had last week sealed its July-December premiums at $8.00-$10.00 a tonne to its own pricing formula.

"Adnoc was waiting for Saudi to conclude their term to get a feel of the market," said a trader.

Adnoc has three naphtha grades, namely pentane plus, which is offered at $12.50 a tonne, followed by low sulphur naphtha at $11.50 a tonne and splitter grade at $10.50 a tonne.

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