The refiner finalised its jet fuel term contract at a premium of $2 a barrel to Middle East quotes, up 67 percent from the $1.20 a barrel premium for its January to December term cargoes this year. 

The premium is also higher than the $1.70 a barrel premium it sold for cargoes to be loaded from July this year to June next year.  

Buyers and volumes were unclear at the time of publication. 

One trader said the refiner likely termed up with existing term lifters and might have cut volumes from 2011 due to limited production and increased demand from the United Arab Emirates, but this could not be confirmed. 

Traders were surprised at the higher premiums for Adnoc's jet fuel term as they said the market was weak. 

Europe's debt crisis and slower air travel in winter has dampened the demand for jet fuel, effectively shutting any arbitrage opportunities to send the product over to Europe, they said.     

Adnoc's term premium was also higher than earlier term values finalized by other Middle East suppliers. 

Kuwait Petroleum (KPC) last month concluded its 2012 jet fuel term premiums at a premium of $1.70 a barrel to benchmark Middle East quotes while Bahrain Petroleum Co (Bapco) set its 2012 term premium for jet fuel at a premium of $1.75 a barrel. 

But one trader said that Adnoc's term barrels are usually sold slightly higher than other suppliers due to the flexibility provided by the company. 

"The loading time for the oil is faster so you end up paying less on demurrage fees, so it's usually done at a premium to others," he said. 

For gasoil, the refiner has renewed term contracts with domestic refiners Emirates General Petroleum Corp (Emarat) and Emirates National Oil Company (ENOC) to supply the 500 ppm sulphur gasoil at a premium of $3.20 a barrel above benchmark Middle East quotes, one source said. 

But, the refiner has not yet awarded its gasoil export term contract, which is done through separate negotiations, the source said.  

Adnoc was expected to skip gasoil exports for the first quarter of next year as it considered plans to offer a lower sulphur grade.

Abu Dhabi plans to switch diesel supply to only ultra low-sulphur diesel by 2012, according to a strategic plan put in place for 2009 to 2013, in a bid to align itself with the global trend of shifting towards cleaner fuels.   

Adnoc had earlier communicated its intention to offer gasoil cargoes with a 10 ppm sulphur content to its export customers through term contracts, but this appeared to have been delayed.