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ADNOC naphtha talks due; lower prices predicted
- United Arab Emirates: Sunday, September 27 - 2009 at 10:04
Abu Dhabi National Oil (ADNOC) will hold term talks next month for naphtha lifting in January-December 2010, Reuters has reported, but it is not expected to get as much for the oil as in the previous contract, due to weakened sentiment. The state-owned refiner is expected to get high single-digit premiums for the 12-month supplies, against the $10.50-$12.50 a tonne premium to its own price formula, on a free-on-board basis, that it fetched in the last round for July 2009-June 2010 cargoes. ADNOC, which has in the past negotiated with customers including Taiwan CPC, Japanese Marubeni and India's Haldia Petrochemicals, will be holding face-to-face talks for the first time in the week of October 19 at its Singapore office.
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StaffSunday, September 27 - 2009 at 10:04 UAE local time (GMT+4)
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