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Adnoc looks to cut term naptha delivery

04 August 2010

Abu Dhabi National Oil Co (Adnoc) is seeking to shorten its term naphtha delivery period to three months from 12 starting October, but buyers considered its price offers too high in an oversupplied market, Reuters has reported, citing oil traders. "Adnoc is looking to sell around 1 million tonnes of naphtha for October 2010 to September 2011 delivery, but they are facing high supplies because several of the buyers had either previously cut their term volumes or dropped their contracts for other delivery periods," a trader said.

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