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|17 April, 2018

UAE's ADNOC to step up condensate imports from July-September

Offers have to be submitted by April 20 and they will remain valid until April 30

A worker injects a car with fuel at an ADNOC petrol station in Abu Dhabi, United Arab Emirates July 10, 2017.

A worker injects a car with fuel at an ADNOC petrol station in Abu Dhabi, United Arab Emirates July 10, 2017.

REUTERS/Stringer

SINGAPORE: Abu Dhabi National Oil Company is looking to buy 2.5 million barrels per month of condensate to be delivered between July and September via a tender, according to a tender document reviewed by Reuters on Tuesday.

That comes as refiners in the United Arab Emirates have been seeking substitutes for Qatari supplies which were halted in October following a diplomatic row between the two countries. 

ADNOC is seeking a variety of grades of condensate, a type of ultra-light crude oil produced from natural gas fields, from Africa, Europe, the Asia-Pacific region and the United States.

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The maximum volume for each cargo is 1 million barrels and offers have to be priced against the average of the Platts Dubai quotes in the same month of delivery, ADNOC said in the document.

Offers have to be submitted by April 20 and will remain valid until April 30.

Ruwais, where ADNOC's refining facilities are located, will receive at least one cargo of U.S. oil each month between February and May, although there was no delivery in April, shipping data on Thomson Reuters Eikon showed.

The latest shipment is aboard oil tanker 'Astra' which loaded about 740,000 barrels of condensate and nearly 200,000 barrels of crude in two separate liftings from Corpus Christi in Texas at the end of March and early April, the data showed. The tanker is expected to arrive at Ruwais on May 8.

Astra is the first suezmax-sized tanker to load at the recently upgraded Buckeye Texas Hub terminal, owned by U.S. midstream oil firm Buckeye Partners and commodity trader Trafigura. 

(Reporting by Jessica Jaganathan and Florence Tan; Editing by Christian Schmollinger and Joseph Radford) ((Florence.Tan@thomsonreuters.com; +65 6870 3497; Reuters Messaging: florence.tan.thomsonreuters.com@reuters.net))