Adnoc Global Trading (AGT) is bringing a cargo of Iraq’s Basrah Heavy crude (24° API, 4% Sulfur) to its 417,000 b/d Ruwais West refinery in Abu Dhabi. A market source confirms the 1mn barrel trade, which will mark the first delivery of third-party crude to the refinery since a cargo of Basrah Heavy was delivered in May (MEES, 28 June).
The delivery of non-system heavy crudes was enabled by the completion of the Crude Flexibility Program (CFP) upgrades to Ruwais West in late-2023. So far, the upgrades have primarily enabled Adnoc to switch out its light Murban crude (40°API, 0.7% Sulfur) for heavier and sourer domestic grade Upper Zakum (34° API, 1.75% Sulfur). However, Adnoc now has the flexibility to purchase non-system crude feedstock on the spot market if pricing arbitrages open, and maximize gross exports of its domestic volumes. (CONTINUED - 135 WORDS)