Saudi Aramco has recently completed the sale of the first batches of ultra-light crude oil from its Jafurah gas project. These initial cargoes are destined for major refineries in the United States and India, marking the start of a key operational phase for the $100 billion infrastructure.
First exports of ultralight crude oil
Through sources close to the transactions, it is confirmed that industry giants such as Chevron and ExxonMobil have secured supplies to be shipped between the end of February and March. The commercial operations have been agreed at premiums of between $2 and $3 above the Dubai benchmark, under terms of delivery to the port of Yanbu.
Likewise, the state-owned Indian Oil Corp is on the list of recipients of this light distillate, which highlights the global interest in the region’s unconventional hydrocarbons.
The potential of Jafurah is immense and it is positioned as the largest shale gas development outside US borders. According to preliminary technical data, the liquid obtained has an API gravity of 49.7 degrees and a reduced sulfur level of 0.17%. These specifications make it an ideal choice for the production of naphtha and other essential derivatives in the international petrochemical industry.
Aramco management is working closely with the Ministry of Energy to adjust this production increase to global market fluctuations. Projections indicate that the port of Yanbu could handle up to six 500,000-barrel cargoes of this highly sought-after resource for Asian refiners, including partners in South Korea and Thailand, on a monthly basis.
Source: Reuters
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