The re-imposition of US sanctions on Iran and newly available oil condensate from the Russian Arctic have combined to produce a new tanker north – south trade.
Paris-based energy information service Kpler reports the ex-Primorsk MR2 tanker SCF Angara is on the way to Jebel Ali with a cargo of oil condensate.
The tanker is reported to have loaded at Sabetta Seaport in the Russian Arctic.
The condensate is a by-product from Novatek’s huge Arctic project, which is running ahead of schedule, with LNG being lifted six months early from the second gas train.
So far, this condensate from the project has been shipped to Denmark and ARA region, but traders are finding demand is growing in the Middle East.
Normally, Jebel Ali and other terminals in the Middle East would be the destination for Iranian condensates and crude oil, but sanctions and the recent threat made by President Trump, is forcing traders to look elsewhere.
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