SINGAPORE: Abu Dhabi National Oil Co (ADNOC) is expected to peg offers for naphtha lifting from July 2018 to June 2019 at more than double the premiums it has garnered last year, traders said on Monday.
ADNOC is expected to set offers for pentane at $27 a tonne to its own price formula on a free-on-board (FOB) basis, low-sulphur (East) grade at $25 and low-sulphur (West) and full-range naphtha grades at $24 each.
This, however, could not be independently confirmed.
Premiums for ADNOC's current contract which runs from July 2017 to June 2018 was sealed last year at $13 for pentane, $12 for low-sulphur (East) and $11 each for low-sulphur (West) and splitter naphtha.
Demand for naphtha in Asia has been strong although spot premiums came off in Taiwan where Formosa, Asia's top naphtha buyer, is to shut a naphtha cracker for maintenance in June.
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