ExxonMobil secures Qatari condensate for Singapore unit: sources
[SINGAPORE] Exxon Mobil Corp has outbid other Asian buyers of deodorised field condensate (DFC) in a tender floated by Qatar Petroleum, to secure supplies for a newly purchased refining-petrochemical complex in Singapore, sources with knowledge of the matter said on Thursday.
The US oil major bid for the cargoes of the ultra light oil at more than US$2 a barrel above Dubai quotes, the sources said, adding that other buyers had intended to pay a premium of less than US$2.
The cargoes will load from July to September.
ExxonMobil declined to comment. Qatar Petroleum did not respond to an e-mail seeking comment.
The higher-than-expected bid was likely due to expectations that condensate exports from the Middle East could tighten as Qatar resumed operations at its Ras Laffan splitter last week and Iran recently started up a new splitter, the sources said.
Earlier this month, ExxonMobil said it reached an agreement to buy a refining and petrochemical plant owned by Jurong Aromatics (JAC) in Singapore that will boost its output and meet demand in Asia.
REUTERS
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
China’s push for greener aluminium hit by erratic rains, power cuts
Philippines says US, China eyeing mining opportunities, especially in nickel
Gold set for best week in five on renewed US rate-cut hopes
Biden determined to keep US Steel in US hands: White House
Oil holds near one-week high on rising demand hopes after China, US data
India projects biggest power shortfall in 14 years