Condensate & Naphtha Forum 2017

State of the Condensate & Naphtha Markets: Extracting Value

Location: Penang, Malaysia

Venue: Shangri-La’s Rasa Sayang Resort & Spa (Check The Map)

Starts: 09 Nov 2017

Ends: 10 Nov 2017

Type: Conference

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 The 21st Annual Condensate & Naphtha Forum
(Condensate 2017), 9-10 November 2017
Shangri-La’s Rasa Sayang Resort & Spa, Penang, Malaysia

Organised By The Conference Connection Inc

The Condensate & Naphtha Forum, held annually since 1996 in Asia, the Middle East and Australia, has evolved into an annual “must attend” event for serious producers, buyers and sellers of condensate and naphtha.

With business interactions at the highest levels, underscored by the presence of market leaders in the condensate, naphtha and petrochemical industries, the Condensate & Naphtha Forum provides an annual platform for the exchange of industry dialogue amongst key producers, buyers and sellers of condensate & naphtha. The Forum is known for its open and frank discussions on the most topical issues causing market transformations and setting priorities for the industry.

CNF 2017 Event Summary

The 21st Annual Condensate and Napththa Forum, held on November 9 and 10 2017, at Shangri-La’s Rasa Sayang Resort & Spa, Batu Ferringi, Penang was very well received with quality presentations and high level attendance.


Organised By

Sneak Peek of Participating Companies at the Forum - 15 Countries Represented & Counting

Asia Chemicals Trading * Asahi Kasei Mitsubishi Chemical Ethylene Corp.* Anadarko * Aqua Refinery Ltd * Bangchak Corporation Public Company * Basrah Gas Company * BHP Billiton * BP * Chevron * Conocophillips Asia Ventures * Danone Asia * Emirates National Oil Company * ExxonMobil * FGE * Glencore * GS Caltex * Gunvor * Hanwha Total Petrochemical * Hengyi Industries International * Hyundai Chemical * Inpex Corporation * Inpex Energy Trading * JX Nippon Oil & Energy Asia * Malaysian Refining Company * Marubeni Corporation * Mitsui & Co. Energy Trading * NIOC, International Affairs * NYK Line * Petro-Diamond Singapore * PETRONAS * Petronas Chemicals * PT Donggi Senoro LNG * PTT Global Chemicals * PTT Public Company * Rayong Olefins Co. * RBN Energy * Rich Fortune Int’l * Rong Sheng Holding * S&P Global Platts * Shell Eastern Trading * Showa Shell Sekiyu K.K. * Sinochem International Oil * Sinochem Oil Co. * SK Energy International * SK Trading International * SKS * Sonangol Asia * S-Oil * Statoil Asia Pacific * Super Petrochemical * TOTAL * Vautrain & Co * Vitol * Woodside Energy * Yeochun NCC and other leading condensate & naphtha producers, buyers & sellers.

Forum Co-Chairmen

Dr. Fereidun Fesharaki

Chairman, FGE

Topic: State of the Oil & Gas Markets

Dr. Fereidun Fesharaki is the Founder and Chairman of FGE. His work is well-recognized worldwide for pioneering oil and gas market analysis and studies of the Asia Pacific/Middle East energy markets since the early 1980s.

Dr. Fesharaki received his Ph.D. in Economics from the University of Surrey in England and then completed a Visiting Fellowship at Harvard University’s Center for Middle Eastern Studies. Joined the East-West Center in 1979 and was a Senior Fellow leading energy-related research till end 2013.

In 1989, Dr. Fesharaki was elected a member of the Council on Foreign Relations in New York. Since 1991, a member of the International Advisory Board of JX Holdings (and its predecessor companies)—Japan’s largest oil company. Dr. Fesharaki was the 1993 President of the International Association for Energy Economics (IAEE).

In 1995, elected a Senior Fellow of the US Association for Energy Economics for distinguished services in the field of energy economics. In 2002, appointed a Senior Associate of the Center for Strategic and International Studies in Washington, D.C. In 2008, Dr. Fesharaki was appointed to the National Petroleum Council by then US Secretary of Energy and re-appointed by Secretary Moniz in April 2016. Received the Outstanding Contributions to the IAEE Award in 2012. He was a member of the Advisory Board of VOPAK LNG from 2013 to 2015. In 2014, appointed as

Honorary Advisor by CNPC Research Institute of Economics and Technologies in Beijing. Dr. Fesharaki is the recipient of the 2016 Adelman-Frankel Award from the US Association for Energy Economics (USAEE) for his unique and innovative contribution to the field of energy economics. In March 2017, Chicago Mercantile Exchange (CME) appointed him as a Director of the Dubai Mercantile Exchange Limited (DME). Since 2009, he has been a member of the DME Board of Directors.

Mr Colin Shelley

Managing Consultant, FGE

Condensate Overview: Co-Chairmen’s Panel

Mr. Colin Shelley is well known and respected as the most prominent gas liquids expert with vast knowledge of naphtha, condensate, and LPG markets. Based in London, Colin works closely with FGE’s oil and gas team to enhance the company’s range of consulting services. Colin has over 30 years of experience in the oil and gas industries, specializing in LPG, condensate, and light liquid petrochemical feeds. He has for most of this time been Consulting Manager at Poten & Partners; based initially in New York and then in London. He has authored numerous reports and studies in the gas liquids area and has advised clients around the world on project development, markets and marketing, pricing, shipping, and infrastructure issues. He is a well-known speaker at international conferences, both East and West. Colin holds a BSc in Economics from the London School of Economics and an MBA from the Columbia Business School in New York.

Dr Jeff Brown

President, FGE

Topic: Condensate Overview: Co-Chairmen’s Panel

Dr. Jeff Brown, as President, leads FGE’s oil and gas consulting teams. He is based at our Asian headquarters in Singapore, working closely with FGE consultants in Europe, the Middle East, and North America.

Jeff re-joined FGE from JP Morgan where he was Executive Director, Global Commodities Research/Strategy, working closely with clients globally. He was a regularly featured speaker at JP Morgan events and published widely on energy markets. Aside from his previous management roles with FGE, Jeff also served as Senior Oil Analyst at the International Energy Agency in Paris, where he was co-author of the monthly Oil Market Report. During this time, he developed IEA’s short- to mid-term oil demand forecasting framework and led research examining oil/gas interfuel substitution. Before the IEA, he was a Research Fellow at the East-West Center in Honolulu where his primary emphasis was LNG Markets East of Suez. Jeff has a Ph.D. in Economics.

Jeff is the author of many articles in industry, economic, and policy journals and widely cited as an energy expert, including interviews with The Wall Street Journal and the New York Times and appearances on news channels such as CNBC and Bloomberg. He delivers numerous speeches and conducts specialized briefings around the world each year. He also regularly leads commercial advisory services and projects, focusing on downstream oil and LNG.


Mr S Khoshrou

Director of International Affairs, NIOC International & Member of the Board, National Iranian Oil Company, Iran

Topic: Condensate Markets – An Iranian Perspective

Mr. Khoshrou is Director of International Affairs, National Iranian Oil Company. He holds a Master's Degree in Economics. He has served over 20 years in Iran's oil industry and has so far held several important posts at NIOC's international department - Deputy of Marketing, Head of Gas Condensate Domestic Sales Office and Head of Price Assessment division, NIOC. Serving as head of the Petro-Energy Information Network (Shana) and carrying out research activities for the Institute for International Energy Studies (IIES) are Khoshrou's other engagements over the past 20 years. In his current role which he took up in January 2017, he is handling export of 2.2 mb/d crude oil, some 450 tb/d condensate and around 500 tb/d petroleum products.

Diversification of NIOC's markets and customers of crude oil, condensate and petroleum products by tapping modern, innovative, yet smart international marketing methods is one of the most serious plans he has in mind.

Mr M Yusri M Yusuf

Vice President of Refining & Trading, Petronas, Malaysia

Topic: Challenges Facing the Condensate Splitting Business

Mohd Yusri Mohamed Yusof is the Vice President of Refining and Trading, PETRONAS. He holds a Bachelor of Science Degree in Chemical Engineering from Oklahoma State University, USA. He completed the Advanced Management Program at The Wharton School, University of Pennsylvania, USA. He is a registered Professional Engineer (PE) with the Board of Engineers Malaysia and a Chartered Engineer (CEng) with Engineering Council United Kingdom.

Since joining PETRONAS in 1989, he served in various capacities in Exploration and Production, Petrochemicals and Corporate Strategy. He was responsible for the 12.7 million TPA of petrochemical manufacturing capacity for PETRONAS Chemicals Group since 2014 before assuming his current role. In his current role which he took up in July 2017, he is accountable for the strategic direction and leadership of crude oil trading and refining, and the marketing and trading of the petroleum products for PETRONAS.

Mr Shigeharu Yajima

SVP, Global Energy Marketing, Inpex Corporation, Japan

Topic: Australia’s Ichthys Project’s Condensate Outlook

Apr. 1979 Joined TOMEN Corporation as Staff, Chemicals & Fuel Division
Jul. 1979 New York Office, Trainee
Jul. 1980 Staff, Fuel Department
Dec. 1983 Los Angeles Office, Staff
Feb. 1986 New York Office, Staff
Apr. 1988 Staff, Crude Oil Section, Crude Oil Department
Apr. 1995 Manager, Crude Oil Section, Crude Oil Department
Apr. 1998 Group Leader, Crude Oil & Products Group, Energy Department
Apr. 1999 Group Leader, Crude Oil Group, Energy Department
Apr. 2001 Deputy General Manager, Crude Oil Department
Apr. 2004 Secondee, INPEX CORPORATION, Planning & New Ventures Department
Oct. 2004 Tehran Office, Deputy Managing Director, Commercial & General Manager, External Affairs Dept.
Mar. 2007 Senior Coordinator, Gas Business Unit, Oil & Gas Business Division
Apr. 2007 General Manager, Gas Business Unit, Oil & Gas Business Division
Oct. 2008 Completing business integration between INPEX and Teikoku Oil and launching an operating company named “INPEX CORPORATION”
Oct. 2008 General Manager, Gas Business Unit, Oil & Gas Business
Jun. 2010 Vice President, Oil & Gas Business & General Manager, Gas Business Unit
Jun. 2014 Senior Vice President, Oil & Gas Business
Apr. 2017 Senior Vice President, Global Energy Marketing, INPEX CORPORATION

Distinguished Panel of Speakers Include

Mr Rusty Braziel

President, RBN Energy, USA

Topic: The Next Surge of US Super-Light Crudes & Condensate: Impact on Pipelines, Splitters & Exports

E. Russell (Rusty) Braziel is president and CEO of RBN Energy, a leading energy market consultancy and analytics company based in Houston, Texas, and is the author of The Domino Effect, bestseller book about energy markets. Braziel provides frequent analysis and commentary to national and international media outlets that include the Wall Street Journal, Reuters, CNBC and Jim Cramer’s Mad Money.

He spent 20 years with Texaco (Chevron), serving as Vice President of Natural Gas Marketing and Trading and NGL Supply. Subsequently he was VP of Business Development for The Williams Companies and was a co-owner and senior executive at Bentek Energy. He is currently a member of the Board of Directors of Align Midstream Partners and the North American Energy Standards Board.

Mr. Braziel holds BBA and MBA degrees in Business and Finance from Stephen F. Austin University. In 2014, he was named as SFA’s Distinguished Alumnus.

Mr Geir Mjelde

CEO, SKS, Norway

Topic: Sea of Change

Geir has spent all his career in tanker shipping and logistics after graduating from University of Bath (BsC Business Administration) in 1994. In the last 9 years, he has been CEO of various chemical and product tanker companies: -

2010: CEO, SKS OBO & Tankers AS
2009 to 2010: Commercial Director, Tailwind AS
2005 to 2009: CEO, Utkilen AS

Dr Frederic Lasserre

Director of Market Analysis, Total SA, France

Topic: Total’s 2022 Outlook for Condensate Splitters

Frederic LASSERRE joined TOTAL OIL TRADING SA (TOTSA) in October 2016 as Director of the Market Analysis team. He manages a team of 16 analysts who provide detailed market analysis on crude oil and refined products to TOTSA’s trading teams.

After a few years teaching economics and finance within French universities and business schools, Frederic LASSERRE joined SOCIETE GENERALE Corporate & Investment Banking in the mid-90s as an oil analyst.

He then set-up and managed SOCIETE GENERALE’s commodity research team.
Under his leadership, his team has been regularly ranked among the top 3 best commodity research teams in the Risk Magazine world ranking survey.

Frederic has been ranked by Risk Magazine best oil analyst in 2004 and again in 2009.

He left SOCIETE GENERALE in 2012 to found BELACO CAPITAL, a French asset management company specialized in commodities.

He has actively managed commodity investment funds until he joined TOTSA last October.
Frederic holds a Masters in Finance from the University Of Birmingham (UK) and a PhD in Economics from the University of Bordeaux (France).
Under his leadership, his team has been regularly ranked among the top 3 best commodity research team in the Risk Magazine world ranking survey.

Frederic has been ranked by Risk Magazine best oil analyst in 2004 and again in 2009.
He left SOCIETE GENERALE in 2012 to found BELACO CAPITAL, a French asset management company specialized in commodities.

He has actively managed commodity investment funds until he joined TOTSA last October.
Frederic holds a Master in Finance from the University Of Birmingham (UK) and a PhD in Economics from the University of Bordeaux (France).

Mr John Vautrain

Founder & CEO, Vautrain & Company Pte Ltd, Singapore

Mr. Vautrain is a chemical engineer with over thirty years’ experience in refinery, gas processing and petrochemical developments. Mr. Vautrain is founder of Vautrain & Company Pte. Ltd, a Singapore-based energy economics consulting firm. Over his consulting career Mr. Vautrain has been stationed in Texas, California and Singapore.

Mr. Vautrain has been consulting since 1981. From 1981 to 2011 Mr. Vautrain was employed by Purvin & Gertz, Inc in Dallas, Texas, Los Angeles, California and Singapore and served as manager of two consulting offices as well as a director of the firm. Before embarking on his consulting career, Mr. Vautrain was with Phillips Petroleum Company and Union Carbide Corporation in petroleum refining and petrochemical manufacturing operations. Mr. Vautrain holds a Bachelor’s degree in chemistry from the University of Texas and a Master’s degree in chemical engineering from the University of Utah.

Mr Sebastien Bariller

SVP/Feedstock Purchasing, Energy & Optimization Business Unit, Hanwha Total Petrochemical, Korea

Topic: US Shale Developments & Increasing Exports: Expected Benefits to Hanwha Total Petrochemicals

Senior Vice President / Feedstock Purchasing, Energy & Optimization (Seoul) Hanwha Total Petrochemical (JV 50/50)

December 2016 – Present. SVP of a Business Unit with Direct reports & Subordinates : 40+

• Responsible for feedstocks purchasing (11 Mt), refined products marketing and sales (5.5 Mt), and coordination of economical optimization of the JV
• Responsible for JV Energy Price Risk management and hedging (Policies approved by Board)
• Develops annual and long term business plans and strategies in cooperation with shareholders, suppliers, customers.

Corporate and Project Finance Senior Manager - (Beijing 25% - Paris 75%)
Total Finance Division
February 2012 – November 2016
• Project Finance: Financing of under development or existing Petrochemicals Joint Ventures in China / Korea / Russia / Qatar (1 to 4 GUSD each)
• Corporate Finance for Total Refining and Petrochemicals / Trading & Shipping Activities (60 affiliates mainly in Asia)

Corporate Strategy & Planning Division - Manager (Paris)
Total Refining Division
December 2007 – February 2012
• Coordination role for Refining Long Term Plan: review of refining investment plans (~10 GUSD Capex), strategic and market reviews with senior management
• Refining investment opportunities analysis: project profitability and strategic review
• M&A: due diligence, business plans, contract negotiations

Head of Valorization Department (Oudalle plant)
Total Marketing Division / Special Fluids
2004 – 2007
• Performance control and valorization of the de-aromatic solvents production (supply feedstock mix optimization, assessment the economic performance of the site)

Project Manager for Economics & Refinery Modelization (Paris)
Total Refining Division
2001 – 2004
• Development of mathematical linear models for optimization of refineries supply and production

Business Analyst - Refinery Supply and Optimization (Port Jerome-Gravenchon) ExxonMobil
1999 – 2001
• optimization of supply (crude and feedstock valuation) and monthly production plans
• Interfacing with trading department for sale of commodity products

Mr Wu Jian

Marketing Director, Petrochemicals, Rongsheng Holding, Singapore

Topic: Naphtha Feedstock to Aromatics

1994-1999 Yanyzi BASF styrenics Ltd, Marketing & Sales Manager / Styrenics
1999-2005 Chevron Philips Chemical Co Marketing Manager / Aromatics
2006-2013 GE Plastics / Sabic Asia Pacific (merged GE Plastics), Asia Business Manager / Aromatics BU
2013-2014 Gemoi Petrochemical (Singapore) Pte Ltd. DIRECTOR / Petrochemical
Nov 2014 to date Rongsheng Petrochemical (Singapore) Pte Ltd, Marketing Director / Petrochemical & Feedstock

Mr Yasuaki Suzuki

Senior Operating Officer, Energy Division, Marubeni Corporation, Japan

Topic: Outlook for Naphtha Trading in Asia

Apr. 1988 Joined Marubeni Corporation
May. 1988 Administration Sec., Energy Administration Dept.
Oct. 1991 LPG Sec., LPG Dept.
Oct. 1995 Marubeni Doha Office in Qatar
Apr. 1999 Business Development Sec., Petroleum Planning & Coordination Dept.
Apr. 2001 Crude Oil Sec., Petroleum Dept.-Ⅱ
Mar. 2002 Petrochemical Feedstock Sec., Petroleum Dept.-Ⅱ
Oct. 2006 General Manager, Crude Oil & Petroleum Product Trading Sec., Energy Trading Dept.
Apr. 2008 General Manager, LNG Trading Sec., LNG Dept.
Apr. 2009 Assistant General Manager, LNG Dept.
Apr. 2011 General Manager, Energy Trading Dept.
Apr. 2016 General Manager, Natural Gas Dept.-Ⅰ
Apr. 2017 Senior Operating Officer, Energy Div. General Manager, Natural Gas Dept.-Ⅰ
Jul. 2017 Senior Operating Officer, Energy Div.

Dr Jaafar Oklany

Commercial Director, Basrah Gas Company, Iraq

Topic: Basrah Gas Company – An Inside Perspective From One of Iraq’s Largest Public/Private Partnerships for Gas Infrastructure Development.

Born in Iraq
B.Sc. In Chemical Engineering, University of Baghdad, Iraq
M.Sc. In Advanced Chemical Engineering, University of Manchester, UK
Ph.D. In Enhanced Oil Recovery, University of Salford, UK
Over 25 years experience in the Oil & Gas industry
Worked in various academic and industrial roles
Wide international experience. Lived and worked in the UK, The Netherlands, Japan, Brazil, Morroco, UAE and Iraq
Joined Shell 13 years ago

Mr Takeshi Arazeki

LPG・CPP・Chemical Team, Tanker Group, NYK Line, Japan

Topic: Tanker Market Developments

Takeshi Arazeki, deputy manager of the LPG/CPP/Chemical Team within the Tanker Group at NYK Line, has more than 10 years of experience in the shipping and logistics industry.

He began his career with NYK in the dry bulk division as a sales representative and later moved to NYK Bulkship (Atlantic), New York, where he was in charge of chartering dry bulk carriers, such as Handymaxes, in the Atlantic area. In 2014, he returned to NYK’s head office in Tokyo, where he was assigned to the Tanker Group to oversee the chartering of clean product tankers.

He will make use of his extensive experience in shipping to speak about tanker market developments.

Ms Wendy Cheong

Managing Editor, APAG Light Ends, S&P Global Platts, Singapore

Topic:: Asian Naphtha 2017 - Trends, Threats & Transformation

Wendy Cheong is the managing editor of the light ends desk, overseeing coverage of naphtha, gasoline and LPG markets in Asia and the Middle East. Based in Singapore, she began her career at Platts in 2004. In the past 13 years, Wendy has covered markets across the barrel, from Middle Eastern and Asia Pacific crudes to refined products such as middle distillates, light ends and also downstream petrochemicals. Prior to her tenure as a light ends manager, she was the managing editor of middle distillates. Wendy holds a Bachelor's Degree with Honors in Communication Studies from the Nanyang Technological University, Singapore.

Mr Den Syahril

Consultant, Oil & LPG, FGE, Singapore

Topic: Condensate Overview: Co-Chairmen’s Panel

Den Syahril is a Consultant at FGE, where he specializes in Southeast Asian oil markets, analysis of East of Suez product trade flows, and leads research on condensates. He is also part of the NGL team in FGE, focusing on LPG trade and shipping. Prior to FGE, he was a Research and Strategy analyst in an Asian-based shipping conglomerate. Den graduated from the National University of Singapore with a B.Eng. in Chemical Engineering and a minor in Economics.

State of the Condensate & Naphtha Markets: Extracting Value

The Forum will focus on prospects for enhancing profitability from innovative and new strategies for optimization

Venue- Shangri-La’s Rasa Sayang Resort & Spa Penang, Malaysia

Overlooking Batu Feringgi Beach, Shangri-La’s Rasa Sayang Resort & Spa offers a sense of history, tradition and century-old raintrees. A luxury hotel, it offers spacious rooms surrounded by 30 acres of tropical gardens, with views of the sea or hills of Penang.

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Sponsorship Opportunities

With 150 participants from countries the world over expected to attend the Condensate & Naphtha Forum 2017, the Forum will continue to provide outstanding opportunities for renewing key business contacts and establishing new alliances.

Be a Condensate 2017 Sponsor – Inquire Now

The Condensate & Naphtha Forum has to-date attracted an international audience from 110 cities & 45 countries, including leading producers, buyers, sellers, traders, refiners, marketers, analysts, from state-owned companies in both upstream and downstream activities, oil majors and independent oil/gas companies, as well as petrochemical/feedstock & shipping companies.

The Condensate 2017 Mobile App

Providing registered delegates with options to:-

  • Gain instant access to updated agenda, speakers, presentations, sponsor profiles, maps & other useful information
  • Send messages and set up meetings with fellow delegates
  • Vote on live polls with real-time results
  • Evaluate the forum and speakers
  • Add photos to timeline of event

Highlights of Condensate 2016 in Dubai, UAE

  • Optimum setting for synergistic buyer-seller/producer-end-user relationship building
  • Over 130 key industry players from 21 countries & 27 cities worldwide
  • Top 6 countries in attendance were Singapore, UAE, Qatar, Korea, Iran & UK
  • High profile of UAE & Gulf NOCs – ADNOC, Adgas, Dolphin Energy, ENOC, KPC, Tasweeq, RasGas, Takreer & Basrah Gas
  • Keynote addresses by PT Pertamina, Indonesia & Petropars Ltd, Iran provided the capacity & quality of South Pars
  • Condensate and Indonesia’s condensate & naphtha demand trends/workings of the Tuban Petrochemical Refinery
  • 13 experts from Iran, UK, Singapore, Japan, UAE, Indonesia, Brazil, Norway & France provided comprehensive coverage of supply/demand dynamics, market intelligence on condensate, naphtha & feedstock opportunities
  • Strong camaraderie between attendees provided enhanced networking opportunities – a hallmark of the Forum

Media Sponsors & Supporting Organisations

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