Saudi Aramco, Saudi Arabia’s state-funded energy oil and gas company, recently sold multiple cargoes of ultra-light crude to supermajors based in the US.
The condensate product is sourced from its Jafurah gas plant, which is valued at $100 billion, and is now being prepared for export.
The Saudi Arabian oil company’s Jafurah project contains an estimated 75 billion barrels of condensate and 229 trillion standard cubic feet of raw gas. It plays a central role in the company’s goals to increase its current gas output and be recognised as a major international natural gas player while expanding its light crude oil grades offering.
Beyond its global aspirations, Saudi Aramco also owns the lubricant brand Valvoline, which was previously a US-owned business. It supplies a diverse range of lubrication products including active cutting oil, rust preventative, grease, refrigeration compressor oil and agricultural oil, to name but a few.
US oil major and owner of the Texaco brand, Chevron has purchased two condensate cargoes from Jafurah that will load in late February and March. Reports indicate that the first cargo secured by Chevron will be sent to its joint venture with GS Caltex in South Korea, while its second may head to Star Petroleum Refining in Thailand.
Expert refiner the Indian Oil Corporation and the Exxon Mobil Corporation have also purchased cargoes, due for shipment next month.
Commenting on its operations, Saudi Aramco stated it was working closely with the Kingdom’s Ministry of Energy to increase production safely in line with market needs and approved development plans.
