立即注册,

不到 60 秒您即可继续访问:最新资讯提要分析主题和专题大宗商品视频、播客和博客样本市场价格和数据专题报道订阅用户通知和每日大宗商品电子邮件提醒

已有帐户?

登录以注册

忘记密码

请注意:Platts Market Center 订阅用户只能通过 Platts Market Center 重置密码

请在下面输入您的电子邮件 ID,我们将给您发送一封包含您密码的电子邮件。


  • 电子邮件地址* 请输入电子邮件地址。

如果您是高级订阅用户,出于安全原因,我们无法向您发送您的密码。请联系客服团队

如果您是 Platts Market Center 订阅用户,若要重置密码,请转到 Platts Market Center 重置您的密码。

在此列表中
石油 | 石化产品

South Korea's 2018 Iranian condensate imports likely to slide

天然气 | 石油

Platts 情景规划服务

Bunker Fuel | 石油 | 原油 | 液化石油气 (LPG) | 石油风险 | 成品油 | 燃料油 | 汽油 | 航油 | 石脑油

appec

金属

分析师:铜矿减产与疲软需求相抵消,支撑价格

South Korea's 2018 Iranian condensate imports likely to slide

South Korea's ultra-light crude imports from Iran could fall next year with major petrochemical companies and refiners in Asia's fourth biggest energy consumer securing less South Pars condensate term supply for 2018 compared to this year.

尚未注册?

接收每日电子邮件提醒、订阅用户通知并获得个性化体验。

立即注册

Hanwha Total, South Korea's largest petrochemical company, sealed a term agreement with National Iranian Oil Co. to receive minimum 105,000 b/d and up to around 130,000 b/d of the Iranian condensate for loading between January 1 and December 31 next year, a company source with direct knowledge of the deal told S&P Global Platts.

In comparison, Hanwha was said to have secured at least 120,000 b/d for 2017, Platts reported previously.

"It could've been worse ... the slight fall [in 2018 term volumes] won't bother us too much ... we are quite happy to have secured at least100,000 b/d [for next year]," the source said.

The source indicated that for South Pars term barrels loading in the first quarter of 2018, the company would pay a premium of around $2.10-$2.50/b to Platts front-month Dubai assessments on an FOB basis.

It wasn't immediately clear exactly how many South Pars condensate barrels have been secured by other major South Korean condensate buyers including SK Innovation and Hyundai Chemical. Trading and procurement managers at both companies declined to comment on their respective 2018 term deals.

However, several industry and trading sources in Seoul and Singapore indicated that the two companies had probably secured 80,000-95,000 b/d each for next year, around 10% less than the 2017 contracted volumes.

In addition, the Hanwha source said that Asian term buyers may be susceptible to allocation cuts beyond the operational tolerance of 5% as Iran's own requirement for South Pars condensate will likely spike upon completion of the new condensate splitters. Tehran could also face some serious pressure to comply with the OPEC production cut agreement that was recently extended through to the end of next year.

IRANIAN CRUDE IMPORTS FALL

Asian market participants had been widely expecting South Pars condensate exports to fall next year as a slew of new Iranian condensate splitters may become operational within the next 18 months and raise the major Persian Gulf producer's own domestic requirements going forward.

Iran expects the 120,000 b/d Phase Two of the Persian Gulf Star condensates refinery to be completed by mid-2018, while Phase Three, which will take total capacity to 360,000 b/d, was expected to come online around first half of 2019.

Meanwhile, South Korean refinery sources were quick to shrug off latest reports and data pointing to a slowdown in Iran-Asia flows in recent months.

"NIOC had massive condensate supply sitting idle in storage tankers when the sanctions were lifted a couple of years ago. All of them have been cleared now so it's no surprise if exports fall," said a crude trading manager based in Seoul.

South Korea's crude oil imports from Iran fell 32.9% year on year to 1.296 million mt (9.5 million barrels or 316,667 b/d) in November, according to preliminary customs data released earlier this month. This is the first time imports from Iran have fallen in six months.

Month on month, Iranian crude and condensate imports in November were also down 28.2% from October.

According to a survey conducted by Platts, four condensate and naphtha traders at South Korean refining companies said they expected the country's imports of Iranian ultra-light crude to fall by 5-20% year on year in 2018.

Through January-October this year, South Korea imported 128.8 million barrels of Iranian crude and condensate, up more than 51% from the same period last year.

"There will be less South Pars [condensate] available next year but buyers would still be happy to get around 8-10 million barrels per month because they [have all previously] suffered [from tight supply] during the sanctions period not so long ago," said a sour crude trader at a South Korean refiner.

Meanwhile, other Northeast Asian companies including China's Unipec and Japan's JXTG Holdings were had also secured some South Pars barrels for next year, according to Singapore-based traders.

"If anything, they may have secured smaller amounts than the Koreans ... Korea is the biggest customer so if it got less, Asia overall would get less," said a sweet crude and condensates trader based in Singapore.