Asia Naphtha-ADNOC Offers April-March Supplies

Abu Dhabi National Oil Company (ADNOC) offered naphtha supplies for lifting during April 2010 to March 2011 at US$23-25 a ton above its own price formula on a freeـonـboard (FOB) basis, similar to levels settled for April 2009ـMarch 2010 deliveries, traders said on 1 March 2010.

The refiner is offering its splitter grade at US$23.50 a ton, lowـsulphur naphtha at US$24.50 a ton and pentane plus grade at US$25.50 a ton. "They had announced the offers on 28 February 2010, and buyers are to revert by 3 March 2010," said a term lifter. The levels are similar to term premiums seen for a 12ـmonth period ending March 2010 at US$23-US$26 a ton, FOB. However, they are higher than premiums sealed for JanuaryـDecember 2010 at US$14-US$16 a ton for the three grades.

"The offers are final, especially since Kuwait has already sealed its April 2010ـMarch 2011 term premiums at US$22 a ton to Middle East quotes, FOB," said another term lifter.

The offered level came as no surprise to buyers, as ADNOC usually takes the cue from Kuwait Petroleum Corporation (KPC), traders said. - Al Watan