ADNOC to discontinue term supply of straight-run fuel oil from 2019: sources
The UAE's Abu Dhabi National Oil Co will discontinue term contracts to sell straight-run fuel oil loading from Ruwais from 2019 as it plans to restart its fire-hit residue fluid catalytic cracker by the end of this year or early next year, traders said this week.
The term contracts with five to six buyers including South Korea's GS Caltex, Thailand's PTT, western trader Vitol and oil major Shell, run for a year starting January 2018.
The fuel oil has a viscosity of 100 CST and maximum 2% sulfur, and is typically used as a feedstock at refineries.
ADNOC had at least one spot straight-run fuel oil cargo a month, but it has not offered any spot cargoes for loading in December, the traders said.
The company last sold 90,000 mt of straight-run fuel oil for loading in November to South Korea's SK Innovation at a premium of around $35/mt to Mean of Platts Singapore 180 CST high sulfur fuel oil assessments on a FOB basis, S&P Global Platts reported previously.
Meanwhile, ADNOC started commissioning of its new delayed coker early September, which is expected to further reduce supply of fuel oil from the company. It usually exports two to three 45,000-mt cargoes of medium sulfur fuel oil a month, but has not offered any cargoes for December loading, traders said.
source: S & P Global Platts
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