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Asia Naphtha-ADNOC keeps high offers on lower supply

Asia Naphtha-ADNOC

Abu Dhabi National Oil Co (ADNOC) is determined to sell its term naphtha at record high premiums due to lower supplies even though demand for the products is weak, traders said on Wednesday.

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May 30, 2012 1:33 by



Abu Dhabi National Oil Co (ADNOC) is determined to sell its term naphtha at record high premiums due to lower supplies even though demand for the products is weak, traders said on Wednesday.

ADNOC will reduce exports of its splitter naphtha which is obtained from condensate in the one-year contract starting July 2012 by a quarter to about 1.2 million tonnes.

But it was unclear if it will reduce the quantities for the other two grades, namely low-sulphur and pentane.

“The condensate output has been lower than what ADNOC has expected since the first-quarter,” said a trader.

ADNOC operates two 140,000 barrels per day (bpd) condensate splitters. The trader estimated that at least one unit was operating at about 85 percent of its capacity for a few months.

The offers for the three grades range from $26.00-$27.50 a tonne above ADNOC’s own price formula.

Buyers have until 0800 GMT on Wednesday to decide and traders said they expected some to cancel their contracts.

“This is going to be a tough negotiation. ADNOC is maintaining offers and customers must reply by 4 pm Singapore time today,” said another trader.

“I think some buyers may drop the contract.”

Weak petrochemical demand caused by uncertainties about the global economy have reduced demand for naphtha feedstock since the start of May. Demand for the product was strong from January to April due to a shortage of supplies caused by refinery maintenance and outages.

(Reporting by Seng Li Peng; editing by Miral Fahmy)



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