UAE’s ADNOC resells Iraqi oil in global market
Supertankers filling at the Al Basrah Oil Terminal. Photo: US Army
Baghdad (IraqiNews.com) – The UAE has boosted its purchases of Iraqi oil in order to refine and resell it on the worldwide market.
The UAE also plans to buy additional oil quantities from neighboring countries that are rich in oil supplies, according to Shafaq News.
The modernization of one of the refineries allowed the UAE to process a more diverse variety of oil crudes.
Abu Dhabi National Oil Company (ADNOC) purchased the second shipment of Iraqi crude last May after receiving the first shipment in April.
According to maritime traffic data, an oil tanker transported about one million barrels of oil from the Basra terminal in southern Iraq to the UAE capital, Abu Dhabi.
Sources revealed that both shipments contained Basra heavy crude, noting that the same oil tanker transported crude oil from Saudi Arabia to the UAE earlier in May.
ADNOC’s renovation of the Ruwais refinery enables it to sell more valuable crudes.
After re-equipping the refinery to process different types of crude oil, ADNOC is now boosting its exports of oil derivatives.