Doha – Mubasher: ExxonMobil Corp has succeeded in outbidding other Asian buyers of deodorised field condensate (DFC) in a tender floated by Qatar Petroleum (QP), Reuters reported on Thursday, citing unnamed sources.
It added that the supplies will be used for a newly purchased refining-petrochemical complex in Singapore, noting that the cargoes will load from July to September.
“The US oil major bid for the cargoes of the ultra light oil at more than $2 a barrel above Dubai quotes, the sources said, adding that other buyers had intended to pay a premium of less than $2,” according to Reuters.
The sources noted that expectations that condensate exports from the Middle East “could tighten” after Qatar resumed operations at its Ras Laffan splitter last week, and Iran recently starting up a new splitter, may have resulted in the “higher-than-expected bid.”
Earlier in May, ExxonMobil had announced reaching a deal allowing it to purchase a Singapore refining and petrochemical plant owned by Jurong Aromatics (JAC). The new plan will help increase ExxonMobil’s production, allowing it to better meet demand in Asia.
