US Imports Rare Bolivian Condensate Cargo

Maritime Activity Reports, Inc.

March 2, 2016

The United States imported a 272,000-barrel cargo of Bolivian condensate bought by trading firm Trafigura last week after more favorable crude spreads prompted larger purchases of foreign oil last month, according to traders and ThomsonReuters data.
Refining and trading companies in the United States turned to crude and condensate imports in February to find cheap oil after the arbitrage opened as a result of an inversion in the spread between benchmark U.S. crude oil prices and Brent.
Purchases of African crudes increased to 11.66 million barrels in February, the highest volume since October including Nigerian condensate, according to the same data. Most crudes arriving were light and sweet, competing with U.S. grades.
The rare Bolivian condensate cargo arrived in South Louisiana Port on Feb. 24. The Andean country, which exports a cargo of reconstituted crude at least monthly, sold a similar condensate cargo to the United States in 2010 that was discharged at Freeport, Texas.
A trader related to condensate deals said more imports will be difficult to see in March as spreads have changed in recent weeks, making purchases more expensive.
A unit in Bolivia of French oil company Total discovered gas and condensate in the South American country in 2011 and the commerciality of a project involving Aquio and Ipati blocks was later announced.
Other firms participating in Bolivia's condensate market include BG Group and Gazprom.
Private companies producing gas and condensate in Bolivia sell their output to state-run oil firm YPFB.
(Reporting by Marianna Parraga; Editing by Alan Crosby)
Maritime Reporter Magazine Cover Oct 2019 - Marine Design Annual

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Maritime Reporter E-News subscription

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News