Saudi Aramco has finalised sales agreements for several shipments of ultra-light crude oil, known as condensate, from its Jafurah gas development to major US energy companies and an Indian refiner, reported Reuters, citing four trade sources.
The first export cargo is scheduled for later in the month. Chevron acquired two consignments set for loading both later this month and in March.
ExxonMobil and Indian Oil Corporation purchased cargoes due for lifting next month. Trade sources indicated that the cargoes were priced at a premium of $2–3 per barrel (bbl) above Dubai quotes on a free-on-board basis.
Chevron's initial shipment is expected to be delivered to GS Caltex, its South Korean joint-venture refiner, while the second may be destined for Star Petroleum Refining in Thailand.
Saudi Aramco reported that it is cooperating with the Ministry of Energy to increase production in accordance with approved development plans and market requirements.
The company also mentioned that it does not provide comments on market speculation or details relating to individual cargoes, clients or commercial arrangements.
Chevron declined to comment on the transactions, while Exxon, Indian Oil, Star Petroleum Refining and GS Caltex did not immediately respond to requests for comment.
Jafurah is identified as the largest shale gas project outside the US, with projections indicating that sustainable production could reach two billion cubic feet per day by 2030.
A source previously told Reuters that Aramco may export between four and six cargoes per month from Yanbu port on Saudi Arabia’s east coast, each containing approximately 500,000bbl of condensate.
Condensate is a non-gas liquid that can be processed at splitters to generate petrochemical feedstock such as naphtha and other refined products, or blended with crude oil for distillation at refineries.
According to a preliminary crude assay reviewed by Reuters, Jafurah condensate has an API gravity of 49.7 degrees and a sulphur content of around 0.17%.
Around 40% of its yield consists of petrochemical feedstock naphtha, mainly heavier grades, while the remainder includes gasoil and kerosene.
The Jafurah project holds an estimated 229 trillion standard cubic feet of raw gas and 75 billion barrels of condensate. It forms part of Aramco’s broader strategy to increase natural gas output and expand its range of light crude grades in global markets.
In November 2025, Saudi Aramco engaged Citigroup as adviser for the planned sale of a stake in its oil export and storage terminals business.
