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18 March 2025
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Adnoc seals naphtha deal with four buyers

Adnoc seals naphtha deal with four buyers. (EB FILE)

Published
By Reuters

Abu Dhabi National Oil Co (Adnoc) has sealed deals with at least four Asian buyers for 2010 supplies of three naphtha grades at $14.50-$16.50 a tonne above its own price formula, traders said yesterday.

The price, on a free-on-board (FOB) basis, was agreed at the initial levels offered by Adnoc, despite some resistance, traders said. The splitter grade, priced at $14.50 a tonne premium to its formula, FOB, was accepted by a customer as early as November 4, less than a week after Adnoc announced the offer on October 29.

Others continued to resist the January-December 2010 premiums, countering with bids limited to a $12.50 premium. But on Monday, accept the offer for the three grades, including pentane plus at $16.50 a tonne premium and low-sulphur naphtha at a $15.50 premium.

Adnoc had cut the supply volumes for its low-sulphur grade. "They gave the the low-sulphur grade only to some buyers," said a trader.

Term customers involved in the talks include India's Haldia Petrochemicals, Japan's Marubeni, Mitsubishi, Sanyo, Taiwan's CPC and Formosa, as well as South Korea's Hanwha, Daelim and Honam.

 

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