Adnoc to offer 2m tonnes of condensate
Dubai, August 31, 2010
State-run Abu Dhabi National Oil Company (Adnoc) is seeking to sell around 2 million barrels of condensate because of planned maintenance in October and November, an industry source said.
"The condensate will come from Uweinate, Thamama and Asab (gas fields) and this is because of the maintenance going on," said the source, who wished not be identified.
Adnoc, the main producer for Opec-member the UAE, operates two condensate splitters with a total capacity of 280,000 barrels per day (bpd) at the Ruwais refinery.
Maintenance of each splitter will take around 20 days, a source at the refinery said.
Adnoc has made no official comment on the planned maintenance.
Uweinate produces 12,000 bpd of condensate, Thamama produces 217,000 bpd and Asab produces 50,000 bpd.
"So far there hasn't been a final sale because we are waiting for the right price," said the source.
Earlier this month, traders told Reuters Adnoc had offered to sell 200,000-300,000 barrels of Uweinate condensate.
The offers helped put pressure on the Middle East condensate market. Also this month, Qatar's Tasweeq failed to award a term tender to sell one or two 500,000-barrel cargoes of condensate per month between October 2010 and September 2011. – Reuters