UAE’s ADNOC purchases Iraq’s Basrah Crude for first time
The headquarters of UAE state energy company ADNOC
Baghdad (IraqiNews.com) – The first shipment of Iraqi oil has been imported by the UAE’s Abu Dhabi National Oil Company (ADNOC) as it tests the increased adaptability of its refining system.
The Middle East Economic Survey (MEES) forecasts that imports of third-party oil would rise significantly in the coming months, with a cargo of Basrah Heavy being delivered this month.
Earlier this month, the state-backed oil firm received around 1 million barrels of Basrah crude from Iraq into its Ruwais refinery in Abu Dhabi.
This is the first time ADNOC has purchased heavier oil from the region to run through its refinery, considering ADNOC has updated its Ruwais refinery to accept heavier and less expensive crudes, such as Iraqi grades.