Indonesia’s PT Trans Pacific Petrochemical Indotama (TPPI) purchased 300,000 barrels of UAE’s Sharjah condensate for October 15-19 delivery. The purchase was made through a spot tender by state-owned Pertamina which was closed on August 3. This marks TPPI’s first condensate import after a four-month hiatus and signals that the TPPI complex in Tuban, East Java will ramp up operating rates at its 100,000 bpd splitter.
TPPI’s last condensate purchase was that of 650,000 barrels of Australian North West Shelf for June delivery. Pertamina has also issued a spot tender for 650,000 barrels of condensate for October 27-29 delivery to Tuban. The accepted grades for this tender include UAE’s Sharjah, Malaysia’s Bintulu, Cakerawala, Kamelia, and Muda; Norway’s Sleipner and Snohvit; Australia’s Wheatstone and NWS; New Zealand’s Kupe; Equatorial Guinea’s Alba; and Myanmar’s Yetagun.
If Pertamina awards the latest tender, there is a significant chance that TPPI will ramp up its condensate splitter runs rates, which were lowered to 50,000-55,000 bpd in May from about 90,000 bpd in April. TPPI feeds its splitter with domestic condensate but needs imported condensate to run it at close to capacity consistently.
