Saudi Aramco Sells First Jafurah Condensate Cargoes to US and Indian Buyers

Post by : Saif Nasser

Saudi Arabia’s state energy giant Saudi Aramco has sold its first cargoes of ultra-light crude oil, known as condensate, from its massive Jafurah gas project. The buyers include major U.S. energy firms and an Indian refiner. This marks an important step in Aramco’s plan to become a leading global gas supplier.

According to trade sources, U.S. companies Chevron Corp and Exxon Mobil Corp have purchased cargoes of Jafurah condensate. India’s Indian Oil Corp has also bought shipments that will be loaded next month.

The Jafurah project is one of the largest shale gas developments outside the United States. It is estimated to hold around 229 trillion cubic feet of raw gas and 75 billion barrels of condensate. Saudi Aramco has invested nearly $100 billion in this project, showing how serious it is about expanding its gas business.

The condensate from Jafurah is very light and low in sulfur. This makes it valuable because it can be easily processed into useful products like naphtha, kerosene, and gasoil. Around 40% of its output can be turned into petrochemical feedstock, especially naphtha, which is used to make plastics and other everyday products.

The cargoes were reportedly sold at a premium of $2 to $3 per barrel above Dubai crude prices. This suggests strong demand for the new grade in global markets.

Chevron is expected to send its first shipment to South Korea, likely to its joint-venture refinery GS Caltex. Another cargo may go to Thailand. These destinations show that Asian markets remain key buyers of Middle Eastern energy supplies.

The condensate will be exported from the eastern Saudi port of Yanbu. Reports suggest that Aramco may export four to six cargoes per month, each around 500,000 barrels. If production continues to grow, Jafurah could become a major source of light oil exports in the coming years.

Jafurah is expected to reach a sustainable production level of 2 billion cubic feet of gas per day by 2030. This will help Saudi Arabia reduce its reliance on oil for domestic power generation and free up more crude for export.

The launch of Jafurah condensate exports shows how energy markets are changing. While oil remains important, natural gas and related products are gaining more attention. Countries want cleaner-burning fuels and more flexible energy sources.

For Saudi Arabia, the project supports its long-term economic goals. By expanding into gas and petrochemicals, the kingdom hopes to diversify its income and strengthen its position in global energy markets.

For buyers in the United States and India, securing supplies of high-quality condensate helps meet refinery and petrochemical needs. It also strengthens trade ties between major energy producers and consumers.

The first sale of Jafurah condensate is more than just a commercial deal. It signals a shift in strategy. Saudi Aramco is not only defending its role as the world’s top oil exporter but also stepping forward as a serious global gas player.

As global demand for energy continues to evolve, projects like Jafurah may shape the future of fuel markets for years to come.