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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    The UAE company ADNOC resorts to Iraqi oil. Find out the reasons

    Rocky
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    • Post n°1

    The UAE company ADNOC resorts to Iraqi oil. Find out the reasons Empty The UAE company ADNOC resorts to Iraqi oil. Find out the reasons

    Post by Rocky Sat 27 Apr 2024, 4:53 am

    [size=35][size=35]The UAE company ADNOC resorts to Iraqi oil. Find out the reasons[/size]
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    Al Sumariya News - Economy

    ADNOC, the major oil company in the Emirates, imported a shipment of oil in a rare step after modernizing its only refinery, which will allow it to sell more of its higher-value crude.



    ADNOC has modernized its Ruwais refinery to process heavier and cheaper oil such as Iraqi crude and Abu Dhabi offshore crude. This means it can export more supplies of its Murban crude, which is lighter and more valuable.



    The tanker Orient M delivered a cargo of about 1 million barrels of Basra crude from Iraq to Ruwais earlier this month, according to Bloomberg tanker tracking data and ship agent reports.

    After completing maintenance work in Ruwais last month, ADNOC is preparing the new units to process a variety of raw materials, according to people familiar with the project. The people, who requested to remain anonymous while talking about the matter, added that this would allow ADNOC to continue buying oil from other producers if their oil was cheaper.

    ADNOC also refused to comment on the matter.

    Emirati “Murban” crude,
    and the “Ruwais” refinery can process more than 900,000 barrels per day of crude to convert it into fuel such as gasoline, diesel, and jet fuel, in addition to products for chemical plants. It was initially designed to process Abu Dhabi's flagship Murban crude, which is pumped from onshore fields in the emirate.

    Murban crude is lighter and sweeter than most other Middle Eastern crudes, which means it flows more easily and contains less sulfur. This makes it easier to refine and usually allows it to be sold at a higher price.

    The price of “Upper Zakum” crude exceeds “Murban.”
    Upgrading the refinery allows ADNOC to use its heavier “Upper Zakum” crude, which is produced from offshore fields, in addition to similar crudes. Advanced refineries can process these cheaper and more difficult crudes into valuable fuels for transportation purposes, helping to boost profit margins.

    However, the value of heavier Middle Eastern crudes increased compared to their counterparts, as OPEC+ production cuts further reduced the supply of these oil types from the market. For example, prices for Upper Zakum crude, which usually trades below Murban, rose due to OPEC+ production cuts, and ADNOC diverting some crude to Ruwais, with offshore crude trading at a higher price than its lighter onshore counterpart this month.

    Brent crude is trading near $90 a barrel, partly due to supply cuts by the Organization of the Petroleum Exporting Countries and its allies.

    Regular flights between Zirkuh and Ruwais
    ADNOC also sends tankers on regular flights between the marine loading terminal on Zirkuh Island, from which Upper Zakum crude is shipped, to Ruwais over the past two months, ship tracking data shows. Thus, it cut off some supplies of this crude to customers due to the use of more of it in Ruwais, and instead sold other crudes such as “Murban” to buyers.

    It should be noted that ADNOC has purchased non-Emirati crudes before, such as light African crudes, some American shale oil, and even Russian shipments. This is the first time that it has purchased heavy oil from the Middle East to run through the developed refinery.
     
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    • Post n°2

    The UAE company ADNOC resorts to Iraqi oil. Find out the reasons Empty The UAE energy giant resorts to Iraqi oil to make room for exporting its “most expensive” crude.

    Post by Rocky Sat 27 Apr 2024, 7:53 am

    The UAE energy giant resorts to Iraqi oil to make room for exporting its “most expensive” crude.



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    2024-04-27 04:46
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    Shafaq News/ ADNOC, the major oil company in the Emirates, imported a shipment of Iraqi oil in a rare step after modernizing its only refinery, which will allow it to sell more of its higher-valued crude, according to Bloomberg.
    ADNOC modernized its Ruwais refinery to process heavier and cheaper oil such as Iraqi crude and Abu Dhabi marine crude. This means it can export more supplies of its Murban crude, which is lighter and more valuable.
    The tanker Orient M delivered a shipment of about 1 million barrels of Basra crude from Iraq to Ruwais earlier this month, according to Bloomberg tanker tracking data and ship agent reports.
    After completing maintenance work in Ruwais last month, ADNOC is preparing the new units to process a variety of raw materials, according to people familiar with the project. The people, who requested to remain anonymous while talking about the matter, added that this would allow ADNOC to continue buying oil from other producers if their oil was cheaper.
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