Abu Dhabi Said to Raise Offer Level for Annual Naphtha Deals
Abu Dhabi National Oil Co. offered to sell a year’s supply of naphtha starting July at a premium to April prices, according to three people with knowledge of talks with Asian buyers.
The company offered to sell splitter-grade naphtha at $28 a metric ton above Middle East benchmark prices, the people said, declining to be identified because the discussions are ongoing and confidential. Pentane-plus grade was offered at $29.50 a ton and low-sulfur naphtha at $28.50 a ton, they said.
Two telephone calls to the company’s sales and research departments in Abu Dhabi were unanswered.
For its annual contract beginning in April this year, Adnoc, as the company is known, set the premium for pentane-plus naphtha at $25 a ton, people involved in those negotiations said in March. Low-sulfur and splitter-grade naphtha were both set at $23 a ton.
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