Dorado project to help Australia maintain major condensate supplier status in Asia
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Asian refiners poised to heavily favor Iranian condensate for better product margins
Asian refiners equipped with condensate splitters will likely favor Iranian ultra-light crude heavily over other similar grades offered in the market when US sanctions against Tehran are lifted, as the companies expect Iranian South Pars condensate’s steep price discount to boost their product margins.
More and more Asian refiners and petrochemical makers are preparing for a possible resumption in Iranian crude and condensate trades amid growing optimism that severe restrictions on Iran’s oil sales could be lifted before the end of the third quarter.
Iran’s President Hassan Rouhani said on May 20 that a “main agreement” has been reached, with the US broadly committing to lifting its sanctions targeting Iran’s oil, petrochemical, shipping, insurance and banking sectors.