ADNOC offers crude for delivery via tender, document shows

SEATTLE (Oil Monster): Abu Dhabi National Oil Company (ADNOC) has offered to sell crude oil ​from the United Arab Emirates in a ‌spot tender, according to a tender document seen by Reuters on Tuesday.

The company is offering ​cargoes of Upper Zakum, Umm Lulu ​and Das crude on a cost-and-freight (CFR) basis, ⁠with buyers allowed to nominate their ​preferred destination when submitting bids. Buyers can bid ​up to 2 million barrels of oil.

The cargoes are available for delivery between June and September.

The ​three crude grades are produced from fields ​within the Gulf and are exported through the Strait ‌of ⁠Hormuz.

Since the U.S.-Iran war began, ADNOC has managed to export some oil out of the strait with tankers' location trackers shut ​off to avoid ​Iranian ⁠attacks. The shipments were either unloaded by ship-to-ship (STS) transfer to a ​vessel that later carried the oil ​to ⁠buyer or sailed directly to buyer.

The crude will be priced at a differential to ⁠either ​ADNOC's official selling prices ​or the Dubai benchmark, the tender document showed.

Courtesy: www.reuters.com