SINGAPORE: Abu Dhabi National Oil Co (ADNOC) has offered 120,000 to 125,000 tonnes of low-sulphur naphtha for mid-April lifting from Ruwais, its largest offer in a single spot tender as production has increased following its refinery expansion, traders said on Friday.
ADNOC, which does not offer spot naphtha regularly, sold mostly spot naphtha in 50,000-tonne cargo size in 2014.
The fresh offer was done through a tender closing on March 10, with bids valid until March 12.
"The offer from ADNOC may have some impact on the market," said a trader, adding that the Middle Eastern refiner would have more to sell as it has more than doubled the capacity of its Ruwais refinery from 415,000 barrels per day (bpd).
The refinery is currently running at 50 to 60 percent of its capacity, and is expected to export its first gasoline cargo in April when it starts up a residual fluid catalytic cracking (RFCC) unit, a source said.
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