The UAE has increased its purchases of Iraqi oil in order to refine it and resell it on the global market, amid plans to buy more oil from neighboring countries that are rich in energy supplies.
According to ship tracking data, the modernization of one of the refineries allowed the Gulf state 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 a first shipment in April.
The data showed that the ship “Spiros” transported about one million barrels from the Iraqi Basra terminal (south of Baghdad) to Abu Dhabi.
People familiar with the shipments said both were Basra Heavy crude, and the same ship had transported oil from Saudi Arabia to the UAE earlier in May, according to ship tracking information.
The Emirates Oil Company’s modernization of the Ruwais refinery allows it to sell more high-value crudes. After re-equipping the refinery to process heavier and cheaper types of oil; ADNOC is now boosting its exports of lighter barrels of Murban and Upper Zakum crude, both of which are often sold at a higher price than other regional grades.
shafaq.com
