ADNOC launches ninth spot crude tender since June, sources say
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…
Abu Dhabi National Oil Company (ADNOC) has issued its ninth spot crude tender since June, according to trade sources. The tender aims to facilitate the transportation of oil from the Strait of Hormuz via the Gulf, as reported by sources. The crude oil in question includes Upper Zakum, Umm Lulu, and Das, produced from fields within the Gulf.
ADNOC intends to load the crude for sale in October and November. Bids for the tender are due on August 24 and will remain valid until August 26. Buyers have the option to purchase the crude on a free-on-board basis at UAE’s Fujairah Storage, Zirku, or Das Island, or arrange ship-to-ship transfers between Fujairah and Sohur. ADNOC has also offered the three grades for loading in October to December on a cost-and-freight basis.
The company has set a threshold for bids - any offer below a $3-per-barrel premium to Dubai on a netback Fujairah STS basis will be automatically rejected, as disclosed by a source. To date, ADNOC has sold over 100 million barrels of crude to refiners and traders through its previous tenders, utilizing a shuttle fleet service to move the crude from the Gulf into other tankers in the Gulf of Oman.
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