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ADNOC to supply full-term oil quantities to most Asian refiners for December

September 27/2021

MOSCOW (MRC) -- The Abu Dhabi National Oil Company (ADNOC) has allocated full-term volumes to most Asian refiners for December loading, contrary to previous months where term allocations were issued with some cuts in volumes, according to market participants surveyed by S&P Global Sept. 27.

Several refiners in China, Taiwan, India and Japan confirmed receiving their term crude supplies from the producer without any reductions, sources told S&P Global.

ADNOC could not be reached for a comment on the matter.

ADNOC has raised supplies to term buyers in recent months. Term allocation for October and November supplies saw a cut of only 5% each compared with September, when allocations were cut by 15%.

Murban exports by ADNOC are expected to rise, starting with 1.175 million b/d in October 2021 and increasing gradually to a high of 1.437 million b/d in August 2022, according to an ADNOC report.

Amid an increase in oil supplies by the OPEC+ group, Middle Eastern producers have been raising supplies, sources said.

Meanwhile, spot buying appetite could continue to remain tepid despite soaring gas prices weighing on winter season demand for many Asian buyers while spread of the pandemic could further pressure sentiment, traders said.

As MRC wrote before, in August 2021, ADNOC partnered with Fertiglobe for the sale of blue ammonia to Idemitsu in Japan, for use in its refining and petrochemicals operations.

We remind that in June 2021, Indian refining giant Reliance Industries signed an agreement with ADNOC to build a multi-billion-dollar chemical project in Ruwais, marking the groups first investment in a greenfield overseas project.

Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,396,960 tonnes in January-July 2021, up by 7% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 841,990 tonnes in the first seven months of 2021, up by 29% year on year. Supply of propylene homopolymers (homopolymer PP) and block-copolymers of propylene (PP block copolymers) increased, whereas supply of statistical copolymers of propylene (PP random copolymers) subsided.


mrcplast.com
Author:Margaret Volkova
Tags:Asia, crude and gaz condensate, gas processing, petrochemistry, ADNOC, Idemitsu, Reliance Industries.
Category:General News
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