Adnoc offers April-March naphtha at higher premiums

Abu Dhabi National Oil Co (Adnoc) has offered April 2009-March 2010 naphtha supplies at premiums which are six to eight times higher than those fetched for its December 2008-November 2009 contract, traders said on Thursday.

Adnoc pegged its offer for pentane-plus grade at $26 (Dh96) a tonne premium to Middle East quotes, on a free-on-board (FOB) basis, while that for splitter naphtha is at $23.50 a tonne premium.

"These offers are very high compared to what they were before," said one of the traders, who added that customers have to reply by fax to Adnoc on their decision by February 17.

Adnoc , Asia's third-largest term naphtha supplier after Saudi Aramco and Kuwait Petroleum Corp (KPC), usually takes its cue from KPC, which sealed its April 2009-March 2010 term premium at $19 a tonne to Middle East quotes on a FOB basis.