This has brought levels down to $22 to $25 a tonne above its own price formula on a free-on-board (FOB) basis.

But these were still about double the premiums of an existing 12-month contract which expires in June at $11 to $13.

ADNOC's pentane grade is now offered at $25 a tonne, with low-sulphur (East) grade at $24 followed by low-sulphur (West) and full-range grades at $22 each.

The talks started end April with offers pegged at $24 to $27 before it was brought down to $23 to $26 early this week.

These were later followed by another cut to current levels.

Current naphtha fundamentals were in favour of ADNOC as supplies were tighter while demand has remained firm.