Gulf Oil and Gas accountACCOUNT

Adnoc Fixes 2013 Jet Fuel Exports at Higher Premium

Source: Reuters 11/21/2012, Location: Middle East

Abu Dhabi National Oil Co has finalised term exports of jet fuel cargoes for next year at premiums higher than previous contracts, industry sources said.

The refiner finalised its jet fuel contract at a premium of $2.35 a barrel above Middle East quotes, up 17.5 percent from the $2-a-barrel premium it fetched for its January to December term cargoes this year.

The premium is also higher than the $2.05-a-barrel premium it got for cargoes to be loaded from July this year to June next year.

Buyers include Japanese trader Mitsui, oil majors BP and Total, J. Aron & Company, the trading firm of Goldman Sachs, the sources said.

Volumes could not immediately be verified.

J. Aron is likely buying the jet fuel volumes for its trading activity in the European market, the sources added.

ADNOC's term premium for jet fuel is 10 cents higher than those finalised by Middle East refiners Kuwait Petroleum Corp (KPC) and Bahrain Petroleum Co (Bapco), though this is likely due to operational reasons, a Singapore-based trader said.

"KPC has logistic problems as they have 2-3 berths, so the freight costs and costs for two ports add up for buyers, which is why KPC's term price is usually discounted," the trader said.

He added that the additional costs could add up to about 30 cents a barrel for buyers, though this could not be confirmed.

Jet fuel demand in the Middle East has been growing amid fast-growing Gulf airlines, which has pushed up premiums, traders said.

Middle Eastern carriers gained market share during the first eight months of the year, with passenger traffic rising 17.1 percent and cargo demand increasing 14 percent from a year ago, the International Air Transport Association said last month.

Jet fuel News in United Arab Emirates >>

Saudi Arabia >>  2/6/2020 - Saipem has been awarded several EPCI contracts in various countries around the world worth over 500 million USD. The first EPCI contract has been awar...
United Arab Emirates >>  2/3/2020 - KBR has been awarded a major Project Management Consultancy (PMC) services contract by Abu Dhabi National Oil Company (ADNOC) for the Ghasha Concessio...

United Arab Emirates >>  1/27/2020 - Eni announces a gas and condensate discovery in the Mahani exploration prospect located onshore in the Area B Concession of Sharjah (UAE), which was a...
United Arab Emirates >>  1/20/2020 - SNC-Lavalin has been awarded an engineering services contract from Al Dhafra Petroleum, a joint venture company between ADNOC and the Korea National O...

Related Categories: Agents, Anti-foaming  Aromatic Solvents  Butene  Cleaning  Corrosion Inhibiting  Crude Oil  Diesel Fuel  Ethylene  Fluids Drilling, Completion, Workover & Stimulation  Fluids/Chemicals  Fracturing Sand  Fuel oil  Gasoline (Lead free)  General  Grout  Jet fuel  Kerosene. Domestic use  Lubricants, Oils & Greases  Nitrogen  Oil Treating & Refining  Polyethylene  Polyvinyl chloride  Propane  Sand, Sandblast  Summer Diesel  Surfactants 

Related Articles: Aromatic Solvents  Butene  Cleaning  Corrosion Inhibiting  Crude Oil  Diesel Fuel  Ethylene  Fluids Drilling, Completion, Workover & Stimulation  Fluids/Chemicals  Fracturing Sand  Fuel oil  Gasoline (Lead free)  General  Jet fuel  Kerosene. Domestic use  Lubricants, Oils & Greases  Nitrogen  Oil Treating & Refining  Polyethylene  Polyvinyl chloride  Propane  Sand, Sandblast  Surfactants 


United Arab Emirates Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 |

More News

Related Links

Gulf Oil and Gas
Copyright 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.