Gulf Oil and Gas accountACCOUNT

Hyundai Chemical Buys Aug Qatari Condensate for New Splitter

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

Share |
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.

Oil News in Qatar >>

Saudi Arabia >>  11/7/2018 - Chinese oil major PetroChina inked 2019 annual crude supply deals with state-owned producers Saudi Aramco and Kuwait Petroleum Corp on Wednesday at a ...
Iran >>  10/29/2018 - Iran has started direct sales of oil to domestic and international buyers through its energy bourse in what appears to be a landmark strategy to dodge...

Iraq >>  10/26/2018 - Iraq will stop trucking crude from its northern Kirkuk oilfield to Iran in November to comply with sanctions imposed on its neighbor by the United Sta...
United Arab Emirates >>  10/26/2018 - The Abu Dhabi National Oil Company (ADNOC) is expected to fill up storage tanks that it has contracted from the Indian government in the first week of...

Related Categories: Coal  Electricity  General  Natural Gas  Oil 

Related Articles: Coal  Electricity  General  Natural Gas  Oil 


Qatar Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 |

More News

 

Oil & Gas Companies in Qatar >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.