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