UAE becomes hub of Middle East base oil trade

June 1, 2010

The UAE and particularly the ports of Jebel Ali and Sharjah have become the hub of base oil trade in the Middle East, industry insiders told Emirates Business. The price of base oil in the UAE has also risen in the last one month by about US$45 to US$55 a ton. Argus Media, the world’s largest energy price reporting agency, recently launched a pricing benchmark for base oil being traded in the UAE. Termed the Argus cif UAE, the benchmark prices the entire base oil volumes sold in the Middle East. (April 1, 2010)

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