Organised by:

Conference Connection Pte Ltd

135 Middle Road #05-01 Bylands Building Singapore 188975Tel: 65+63380064 Fax: 65+63384090 Email: condensate@cconnection.org

22nd Annual

CONDENSATE & NAPHTHA

FORUM 8 – 9 November 2018, Singapore

Geopolitics & Condensate:

Implications for Condensate & Naphtha Markets

Organised by

EVENT SUMMARY

The Condensate & Naphtha Forum 2018, organised by Conference Connection Pte Ltd was successfully held from 8 – 9 November 2018 at Shangri-La’s Rasa Sentosa Resort & Spa, Singapore. Known for its open and frank discussions on critical drivers, challenges and future trends relevant for the industry, it provides an annual platform for the exchange of industry dialogue amongst key producers, buyers and sellers of condensate & naphtha.

The Forum provided an effective platform for a meeting of minds, examining the impact of trends in the US, Iran, Saudi Arabia & Russia on oil prices, challenges of the natural gas liquids industry due to recent Iranian sanctions, and future possibilities given the tightening condensate & naphtha supply and consumption trends, with greater volumes of condensates flowing from West to East and splitters in Asia switching to heavy full-range naphtha.

Chairmen’s/Keynote Addresses on 8 November November 8th morning’s session featured the following Chairmen’s & Keynote Addresses:-

Chairmen’s Address 1: State of the Oil & Gas Markets by Dr Fereidun Fesharaki, Chairman and Dr Jeff Brown, President, FGE

Chairmen’s Address 2: Condensate Overview joint presentation by Den Syahril, Consultant, Oil & LPG and Thomas Olney, Consultant, FGE, with commentary from Dr Jeff Brown

Keynote Address 1: Update on Inpex’s Condensate Outlook from Ichthy’s LNG Project by Mr Shigeharu Yajima, SVP, Global Energy Marketing, INPEX Corporation, Japan

Dr Fereidun Fesharaki, FGE

Dr Jeff Brown, FGE Mr Shigeharu Yajima, INPEX Corporation

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Organised by:

Conference Connection Pte Ltd

135 Middle Road #05-01 Bylands Building Singapore 188975Tel: 65+63380064 Fax: 65+63384090 Email: condensate@cconnection.org

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Mr Sebastien Bariller

Hanwha Total Petrochemical

Keynote Address 2: Alternative Feedstocks in the New Geopolitical Context: A Purchasing Perspective by Mr Sebastien Bariller, SVP Feedstock Purchasing, Energy & Optimization Business Unit, Hanwha Total Petrochemical, Korea

Mr Thomas Olney. FGE, Ms Wong Yoke Phooi, PETCO Labuan Malaysia, Ms Sri Paravaikkarasu & Mr Den Syahril, FGE

Under the theme Geopolitics & Condensate: Implications for Condensate & Naphtha Markets, a select group of 12 experts from Switzerland, Iraq, Japan, Korea, Malaysia, Norway & Singapore provided in-depth analysis and leading edge discussions on industry issues.

CNF 2018 Highlights

Forum Sessions Sessions saw lively debate and discussions on the latest developments in the industry including the impact of geopolitical dynamics on condensate & naphtha markets, where additional supplies will come from, where demand will come from and how the close relationship between condensate, naphtha and LPG are affected by these dynamics. IMO 2020 Sulpur Cap Regulations The November 9th session on Shipping Issues & IMO Sulphur Cap Regulations featured a special focus on the impending regulatory reduction of sulphur emissions to 0.5% in 2020, its implications on the shipping and refining industries and in particular, its impact on condensate and naphtha markets. Presented by Geir Mjelde of SKS, Norway, & Thomas Olney of FGE Singapore, the session examined

compliance options being considered by the shipping community, as well as the possible impacts on refined products and how refineries will respond based on the level of bunker demand for distillates as compared to HSFO. Light heavy spreads which are expected to widen in 2020, will cause sweet & lighter crudes to attract premiums and a strong distillate complex will incentivise refiners to shift yields away from gasoline. Weak demand for naphtha & gasoline may then weigh on pricing for condensate.

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Dr Frederic Lasserre Mr Geir Mjelde Dr Jaafar Oklany

Mr Geir Mjelde, SKS Mr Thomas Olney, FGE

Organised by:

Conference Connection Pte Ltd

135 Middle Road #05-01 Bylands Building Singapore 188975Tel: 65+63380064 Fax: 65+63384090 Email: condensate@cconnection.org

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Attendance Profile Condensate 2018 witnessed an attendance of 120 participants from 20 countries, topped by Korea, Thailand, Malaysia, Australia, Singapore, Korea, Malaysia, Qatar & Singapore, with the largest contingents from Singapore and Korea. The Forum attracted NOCs, condensate producers, buyers, sellers, traders, refineries & other downstream companies, chemical/petrochemical & feedstock companies, shippers and consultants. Click here to view pie charts for the CNF 2018 attendance by region, industry and job class.

CNF 2018 Mobile App The CNF 2018 Mobile App was well received by delegates and:- Facilitated voting for online polling questions for all sessions, with 554 votes

over 10 polls. Helped delegates to network with each other and set up meetings during the

forum. Results of the online polling can be accessed here

CNF 2018 Networking Cocktails on 8 November 2018 The Forum’s 1st day ended with cocktails hosted by Conference Connection, at The Rocks in the Rasa Sentosa Resort & Spa, a scenic sea-facing location. Delegates enjoyed the balmy sea breezes of the Straits of Singapore with the lively entertainment of a jazz duo. The evening allowed delegates to enjoy the camaraderie with fellow participants as well as benefit from the networking potential.

Click here for more photographs at CNF 2018

Networking & Delegate Interaction @ CNF 2018

Networking at CNF 2018 was at an all-time high with senior decision makers, Forum alumnus, and other participants, as they caught up with old friends in the industry or met new players in the market.

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Organised by:

Conference Connection Pte Ltd

135 Middle Road #05-01 Bylands Building Singapore 188975Tel: 65+63380064 Fax: 65+63384090 Email: condensate@cconnection.org

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Media Coverage

The CNF Forum enjoyed media coverage from news dailies & industry publications. Click the following link for copies of press clippings CNF 2018 Lucky Draw It has been the Forum’s tradition to have a lucky draw at each edition and the 22nd Annual edition was no exception. This year’s draw featured a total of 7 prizes. Our heartiest congratulations go to all 7 winners.

Lucky Draw Winners