UAE's ADNOC to keep March term crude sales steady

January 30, 2013 - 11:54:54 am
TOKYO: Abu Dhabi National Oil Co (ADNOC), state-run by OPEC-member United Arab Emirates, will supply full volumes of its term contract crude oil to Asia in March, the same as in February, industry sources said on Wednesday.
"We are sticking to the full contractual obligations for March," an official said from Abu Dhabi. ADNOC will also hold to the so-called "tolerance plus" option, he said.
The "tolerance plus" option is a standard contractual clause stating that volumes delivered on a contract can be plus or minus up to 5 percent without violating the terms of the deal. 
ADNOC has already notified Asian buyers that it will be supplying its four main grades - Murban, Lower Zakum, Umm Shaif and Upper Zakum - at contractual volumes in March, regional refining sources said. (Reuters)