September 27, 2022 07:47 GMT
ADNOC will provide 250k tonnes of diesel a month to German firm Hoyer in 2023 and further talks to expand the joint cooperation between UAE and Germany will take place soon.
- The volume is equivalent to about two-thirds of all the German seaborne distillate imports from Russia last year according Vortexa data.
- The EU is looking for alternative supplies of oil products ahead of the implementation of the EU ban on seaborne fuel imports in early February. Russia is still the biggest supplier of diesel to both Germany and EU. France is also looking to sign an agreement for diesel supplies from UAE.
- Two giant new refineries, Al-Zour in Kuwait and Jazan in Saudi Arabia could significantly add to Middle East distillate flows to Europe.