China's Rongsheng buys first condensate cargoes for Dec delivery

China’s Rongsheng Petrochemical has bought its first condensate cargoes for its mega refinery to be delivered in December, trade sources said.

The trading arm of Chinese private refiner Zhejiang Petrochemical purchased a North West Shelf (NWS) condensate cargo from BPand a  Bayu Undan condensate cargo from Glencore , they said.

It is unusual for the refiner to purchase condensate as it typically buys medium to heavy sour crude for its mega refinery, traders said.

The refiner might be blending the condensate cargoes with the 2 million barrels of Iraqi Basra Light crude it purchased in a tender from Chinese trader Unipec earlier this week, one of the sources said. Condensate yields more naphtha, a feedstock for the refiner’s petrochemical production.

The companies do not comment on commercial deals.

Zhejiang Petrochemical operates China’s largest refinery capable of processing 800,000 barrels per day of crude in Zhoushan, Zhejiang province.

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