The project is central to the firm’s ambitions to boost its gas output to become a major global natural gas player
Published Mon, Feb 23, 2026 · 05:57 PM
[SINGAPORE] State energy major Saudi Aramco has sold several cargoes of ultra light crude oil from its US$100 billion Jafurah gas plant to US majors and an Indian refiner. This comes as it prepares to export its first cargo in late February, four trade sources said.
The Jafurah project is central to Aramco’s ambitions to boost its gas output to become a major global natural gas player, and to expand its offerings of light crude grades.
It is estimated to contain 6.5 trillion standard cubic metres of raw gas and 75 billion barrels of condensate.
US major Chevron has bought two Jafurah condensate cargoes for loading in February and in March, while Exxon Mobil and Indian Oil have purchased cargoes to be lifted in March, the sources added.
They noted that the cargoes were sold at premiums of US$2 to US$3 a barrel to Dubai quotes on a free-on-board basis.
First cargo likely for South Korea
Chevron’s first cargo is likely to go to its South Korean joint-venture refiner GS Caltex, while the second could head to Thailand for Star Petroleum Refining, two of the sources said.
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Aramco, Exxon, Indian Oil and Star Petroleum Refining did not immediately respond to requests for comments.
GS Caltex did not have an immediate comment. Chevron declined to comment.
Jafurah is potentially the biggest shale gas project outside the US, and is expected to reach a sustainable production of 56.6 million cubic metres a day by 2030.
Aramco could export four to six 500,000-barrel cargoes of Jafurah condensate a month from Saudi Arabia’s eastern port of Yanbu, a source said.
Condensate is a non-gas liquid that can be processed at condensate splitters to produce petrochemical feedstock naphtha and other refined products, or it can be blended with crude to be distilled at refineries.
The Jafurah condensate has an American Petroleum Institute gravity of 49.7 degrees and contains about 0.17 per cent sulphur, based on a preliminary crude assay reviewed by Reuters.
About 40 per cent of its yield is petrochemical feedstock naphtha, mainly the heavier grade, while most of the rest of the output is gasoil and kerosene, the assay showed. REUTERS
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