Crude oil auction
X .'PA -Reuter—Copvrtph: > ABU DHABI. Feb. 14. Abu Dhabi is insiting bids for more than .30 million barrels of oil, for delivery over four months fiom April i.
This second such •‘auction” by an Arab Gulf State—alter one b\ Kuwait, for which the deadline for bids Is reported to be today —is being arranged hv the Abu Dhabi National Oil Company.
The Government newspaper, “\l-!tlihad." said that bids are invited for 250,000 barrels a day over the four-month period, and must be submitted by March 5. •The A.D.N.O.G will consider offers from companies which have their own refineries and distribution systems, and will observe the Arab boycott regulations,” the newspaper says, adding: “Thev still have to deal with the A.D.N.O.G direct, without intermediaries."
The crude being auctioned is part ot the State's share of production under the participation agreement with foreign companies which went into effect at the beginning of last year
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Bibliographic details
Press, Volume CXIV, Issue 33460, 15 February 1974, Page 9
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155Crude oil auction Press, Volume CXIV, Issue 33460, 15 February 1974, Page 9
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