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ADNOC offers Murban crude from S. Korea storage in rare move

February 17/2017

MOSCOW (MRC) -- Abu Dhabi National Oil Company has offered Murban crude to be loaded in April from its oil storage in South Korea in a rare move, said Reuters

The offer was made to a pool of selected buyers in Asia and ADNOC did not specify how much volume it plans to sell, they said.

ADNOC has 6 million barrels of Murban crude stored in oil tanks in Yeosu, South Korea, one of the sources said.

ADNOC is still in talks with Chinese companies for the remaining 12 percent stake in Abu Dhabi's ADCO onshore oil concession.

The crude offers from Yeosu tanks have weighed on Murban's April spot premiums which have fallen to below 10 cents a barrel, one of the sources said.

Japan's Inpex and oil major BP previously sold April-loading Murban at about 10 cents a barrel above the grade's official selling price (OSP), traders said.

ADNOC's petrochemicals are produced by Abu Dhabi Polymers Co (Borouge), which makes polyolefin, and Ruwais Fertilizer Industries (Fertil), which produces urea and ammonia fertilisers.
Author:Anna Larionova
Tags:petroleum products, petrochemistry, Crude oil, Saudi Arabia.
Category:General News
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