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Tue 10 Nov 2009 02:23 PM

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Qatar to export 450,000 bpd condensates in 2010

Qatar to export equivalent to 25 cargoes/month; sees competition from Iran.

Qatar will export about 450,000 barrels per day (bpd) of condensates by the end of 2010, the chief executive of the Qatar Innternational Petroleum Marketing Co, also known as Tasweeq, said on Tuesday.

"We will be exporting by next year in the region of 450,000 barrels per day of condensates ... equivalent to 25 cargoes a month," Ali Al Hammadib told reporters on the sidelines of a conference in Doha.

Qatar currently exports around 17 to 18 cargoes of condensate monthly and the higher export volumes are likely to pressure prices, trader said.

"The impact is quite significant, traditionally their exports are mainly for Japan and South Korea," an Asian based trader said.

"But I don't think they can take much more over what they are already taking."

Traders also pointed to increase condensate exports coming from Iran's South Pars project, which is expected to come to the market at the end of 2010.

"The Iranian cargoes are going to be high in sulphur so it will be difficult for petrochemical plants to absorb it, so they will be selling it to refiners, the same customers of Qatar's condensates," a trader said. (Reuters)

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