U.S. Firm sells Condensate to Mitsubishi
A U.S. energy company has found a second buyer in Japan for its condensate, an ultra-light oil, paving the way for more excess barrels from the United States to head to Asia to meet growing demand.
Enterprise Product Partners has signed a short-term contract to sell condensate to Japanese trading company Mitsubishi Corp, less than two weeks after it sold its first cargo to Japanese firm Mitsui Corp, four Asia-based sources said.
The first cargo to Mitsubishi may load in September and could be of a bigger volume than the 400,000-barrel cargo that Mitsui will be lifting later this month, one of the sources said.
Mitsubishi's contract is for loadings over a few months and the company has the option to extend the deal, he said.
Mitsubishi declined to comment on the deal. Enterprise could not be reached immediately.
Reporting by Florence Tan and Osamu Tsukimori