UAE ADNOC's Ninth Crude Oil Spot Tender Bidding Closes
en.Wedoany.com Reported - On August 24, the bidding for ADNOC's ninth round of spot crude oil sales in the UAE reached its offer submission deadline, with the tendered grades including Upper Zakum, Umm Lulu, and Das crude, covering cargoes loading in October and November. Offers remain valid until August 26, and the process is still in the tender stage, with no results for the ninth round yet finalized.
This tender offers multiple delivery options. Buyers may take delivery on a free-on-board (FOB) basis from storage facilities in Fujairah, Zirku Island, or Das Island, or arrange ship-to-ship transfers in the waters between Fujairah and Sohar, Oman. In addition to cargoes loading in October and November, ADNOC also offers cost-and-freight (CFR) deals for cargoes arriving between October and December.
In terms of pricing, based on the netback value of ship-to-ship transfers at Fujairah, offers below a premium of $3 per barrel over the Dubai benchmark will not be accepted. This threshold is a condition for bid submission and does not represent the final transaction price; the specific sales volumes, buyers, and final prices are still pending the tender results.
ADNOC has been steadily increasing spot crude supply since June. The seventh round of tenders, completed at the end of July, brought cumulative sales to over 86 million barrels, followed by the eighth round, which sold approximately 14 million barrels for loading between October and November. Including the previous eight rounds, ADNOC has sold more than 100 million barrels of crude to refiners and traders through spot tenders.
All three grades tendered are produced from fields within the Gulf, with Upper Zakum and Das typically loaded from Zirku Island and Das Island, respectively. ADNOC has previously offered some customers delivery options outside the Gulf, using a fleet of shuttle vessels to transfer crude through the Strait of Hormuz to larger tankers in the Gulf of Oman. The ninth round continues to offer port lifting, ship-to-ship transfer, and cost-and-freight delivery options.
