Aramco sells Jafurah condensate to India

Saudi Aramco has initiated the sale of its Jafurah condensate, a part of its ambitious $100 billion Jafurah gas project, to major global players, including Indian Oil Corporation (IOC) and U.S. firms like Chevron and ExxonMobil. The Jafurah project, located in Saudi Arabia, is set to significantly enhance Aramco's gas production capabilities, containing an estimated 229 trillion standard cubic feet of gas and 75 billion barrels of condensate. The condensate, with an API gravity of 49.7 degrees and low sulfur content, is anticipated to be exported in cargoes of 500,000 barrels each from the eastern port of Yanbu, potentially reaching four to six shipments monthly. The sales are reported to be at premiums of $2 to $3 per barrel above Dubai quotes, with IOC and others set to receive shipments next month. The first cargoes from Chevron are expected to be directed towards its South Korean joint venture and Thailand. This move positions Aramco as a key player in the global gas market, aiming for sustainable production of 2 billion cubic feet per day by 2030, marking Jafurah as one of the largest shale gas projects outside the U.S.