SINGAPORE: Abu Dhabi National Oil Co (ADNOC) has quoted offers for its naphtha lifting in January to December 2015 at $9 to $10 a tonne premium to its own price formula on a free-on-board (FOB) basis, traders said on Tuesday.
The offers for the 12-month contract are down by about 70 percent when compared to a February 2014 to January 2015 term done at $30 to $32 a tonne premium as current ample supplies have brought down prices, traders added.
Asia has been receiving massive supplies from Europe and the Mediterranean since September.
ADNOC's fresh offers are for three naphtha grades, namely low-sulphur and splitter offered at $9 a tonne premium each, and pentane which is offered at $10.
The Middle Eastern seller's customers would have to submit their bids by Dec. 5, traders said.
ADNOC has three 12-month contracts starting in different months.
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