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Hyundai Chemical Buys Aug Qatari Condensate for New Splitter

Source: Reuters 6/21/2016, Location: Middle East

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Hyundai Chemical, a joint venture between Hyundai Oilbank Co and Lotte Chemical, has bought 1 million barrels of Qatari condensate loading in August ahead of the start-up of its new splitter, trade sources said.

The company's purchase helped put a floor under condensate premiums, which have recently come under pressure due to weak naphtha margins, they added.

Hyundai Chemical bought two cargoes of deodorized field condensate (DFC) from traders at $2-$2.50 a barrel above Dubai quotes, the sources said.

While spot premiums fell to below $2 in subsequent sales by Qatari marketer Tasweeq through a tender, the trade sources said premiums could have dropped even more in the absence of Hyundai Chemical's purchases. Spokesmen at Hyundai Oilbank and Lotte Chemical declined to comment.

Hyundai Chemical is expected to start trial runs at the 110,000 barrels-per-day splitter in Daesan on the country's west coast in August-September, trade sources have said.

The company has also been in talks with the National Iranian Oil Company to secure annual supplies of South Pars condensate, the sources had said.

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