• Tue / 22 January 2019 / 15:59
  • Category: Economy
  • News Code: 97110201180
  • Journalist : 71477

South Korea's Hyundai Oilbank to receive Iranian South Pars condensate

صادرات نفتی

Tehran (ISNA) - South Korea's Hyundai Oilbank will receive its first cargo of Iranian South Pars condensate in mid-February, a company trading source with direct knowledge of the matter said Tuesday.

The cargo will arrive in a one million-barrel parcel.

Altogether, Hyundai will take delivery of 6-7 million barrels of South Pars condensate from mid-February until end-April, the source said.

Hyundai Oilbank's purchase comes as South Korea's other main South Pars condensate buyers, Hanwha Total and SK Innovation are set to or have already taken delivery of their first cargoes of South Pars condensate, S&P Global Platts reported.

The Iranian Suezmax vessel Silvia I discharged around 1 million barrels of Iranian South Pars condensate at Incheon on January 19 for SK Innovation's subsidiary SK Incheon Petrochem, which runs a 100,000 b/d condensate splitter there, an industry source based in Seoul with direct knowledge of the matter said.

SK Innovation will take its second delivery of another 1 million barrels of South Pars condensate at Incheon on January 31 onboard the Iranian Suezmax vessel Sana, the source added.

Hanwha Total meanwhile is set to take delivery of around 3-5 million barrels of South Pars condensate in February.

Price levels for Hyundai Oilbank's term South Pars cargoes were unclear, though traders said it was likely done at similar levels to where Hanwha Total inked its term South Pars deal, at a discount of around $2.50/b to Platts Dubai crude assessments on a delivered basis.

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