ADNOC launches ninth spot crude tender since June, sources say
- Bids are due by August 24 and will remain valid until August 26, the sources said
NEW DELHI/SINGAPORE: The Abu Dhabi National Oil Company (ADNOC) is offering spot crude in a tender, its ninth since the start of June, as the UAE state oil company works to move oil from inside the Strait of Hormuz, trade sources said.
The tender is for sale of Upper Zakum, Umm Lulu and Das crude oil produced from fields within the Gulf for loading in October and November, the sources said.
Bids are due by August 24 and will remain valid until August 26, the sources said.
Similar to previous offers, buyers can purchase on a free-on-board basis at UAE’s Fujairah Storage, Zirku or Das Island.
They can also arrange ship-to-ship (STS) transfers at the Fujairah-Sohar range.
The company also offered the three grades for loading from October to December on a cost-and-freight basis. ADNOC told buyers that bids below a $3-per-barrel premium to Dubai on a netback Fujairah STS basis would be automatically rejected, one of the sources said.
The producer has sold more than 100 million barrels of crude to refiners and traders in its previous tenders, using a shuttle fleet service to move crude out of the Gulf and onto other tankers in the Gulf of Oman.
Comments