SINGAPORE: Abu Dhabi National Oil Co (ADNOC) has offered condensate for October-loading in a rare move ahead of a planned shut-down of refining units for scheduled maintenance, trade sources said on Thursday.
The two condensate splitters, operated by Abu Dhabi Oil Refining Company (Takreer), are scheduled to shut down between October and January, the sources said.
The units at the Ruwais refinery have a capacity of 140,000 barrels per day (bpd) each and they process condensate into naphtha, kerosene, gasoil and atmospheric residue.
ADNOC has offered 500,000-600,000 barrels of Uweinat condensate to be split into two cargoes to load in October, and it could offer up to 3 million barrels of Thammama, or six 500,000-barrel cargoes, in November, one of the sources said.
Takreer produces some 200,000 tonnes of splitter naphtha a month from each splitter, according to traders' estimates. ADNOC rarely offers naphtha in the spot market as most of the splitter grade supply is tied up in term contracts.
Traders expect ADNOC to allocate minimum naphtha volumes to its term customers to be lifted during the maintenance period.
Based on term agreements, ADNOC has the option of lowering a contracted volume by 5 percent to its buyers.
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