Adnoc ... lowering premiums
Adnoc finalises 2015 jet fuel term contracts at lower premium
SINGAPORE, November 11, 2014
Abu Dhabi National Oil Co (Adnoc) has finalised its 2015 jet fuel term contracts at slightly lower levels than the current year, industry sources said.
The refinery finalised its January to December 2015 jet fuel contract at a premium of $1.90 a barrel above Middle East quotes, about 14 per cent lower than the $2.20 a barrel it set for its 2014 term cargoes.
Buyers include Total, BP, Mitsui, Petrobras and Emirates National Oil Company, they said, although this could not immediately be confirmed.
Volumes could also not immediately be verified but are likely to be the same as 2014, one of them said.
Adnoc skipped term exports of jet fuel for its July to June term contract this year, due to an increase in domestic demand, sources said.
Adnoc will not be offering term exports of diesel outside the local market until production is stable at its Ruwais refinery. It is expected to start production from the newly expanded refinery in the second half of November. -- Reuters
