Abu Dhabi National Oil Company sold at least 14 million barrels of spot crude to Asian refiners at premiums in its latest tender, trade sources said on Monday.
The tender was ADNOC's eighth since the start of June as the United Arab Emirates' state oil company continued efforts to move crude produced inside the Strait of Hormuz amid persistent shipping disruptions.
The latest awards brought ADNOC's total crude sales through the eight tenders to more than 108 million barrels.
Japanese refiner Cosmo Oil bought two million barrels of Das crude at a premium of around $10.50 a barrel to Dubai quotes on a delivered-at-port basis, while Taiwan's Formosa Petrochemical purchased two million barrels of Upper Zakum cargo at a premium of around $10 a barrel to the October Dubai benchmark, the sources said.
South Korea's GS Caltex bought two million barrels of Das crude at a premium at $6 a barrel to October Dubai benchmark for loading via ship-to-ship transfer off UAE's Fujairah port, while Hyundai Oilbank purchased one million barrels of Upper Zakum on a DAP basis.
India's Bharat Petroleum Corp bought one million barrels each of Upper Zakum and Das crude, at a premium of around $5-$6 a barrel to Dubai benchmark on a delivered basis, while Hindustan Petroleum Corp bought one million barrels of Das crude.
Indian private refiner HPCL-Mittal Energy bought two million barrels of Upper Zakum, the sources said.
Chevron bought two million barrels of Umm Lulu crude for delivery to its Singapore refinery joint venture at a premium of $7.50 per barrel to Dubai benchmark on a DAP basis, the sources said.
ADNOC did not award any cargoes to Chinese buyers due to the low bids they have submitted, said one trader.
The companies do not typically comment on their commercial trades.
The cargoes were offered for loading or delivery in October and November.
(Reporting by Siyi Liu, Florence Tan in Singapore and Nidhi Verma in New Delhi; Editing by Mrigank Dhaniwala)
