The Condensate & Naphtha Forum, held annually since 1996 in Asia, the Middle East & Australia, has evolved into an annual “must attend” event for serious producers, buyers & sellers of Condensate & Naphtha. With business interactions at the highest levels, underscored by the presence of market leaders in the condensate, naphtha and petrochemical industries, the Forum provides an annual platform for the exchange of industry dialogue and networking opportunities.

The 25th Annual Condensate & Naphtha Forum was held successfully from 29-30 March 2022 as a hybrid event at ONE Degree 15 Marina, Sentosa Cove, Singapore, allowing both physical and virtual attendance. The Organisers, Conference Connection would like to take this opportunity to thank all participants for their support and participation at the Forum.

Highlights of CNF 2022 Conference

Known for its open and frank discussions on the most topical issues, CNF 2022 attracted buyers, sellers, traders and NOC/IOC producers, refiners, petrochemical groups and shippers, CNF alumni who attend regularly and players representing the energy transition and zero carbon movement, hailing from Asia, Middle East, & Europe.

2 days of comprehensive presentations and a Roundtable Discussion provided delegates with:-

  • An overview of the oil, gas, condensate & naphtha markets
  • Latest updates on emerging markets – Ichthys, Darwin Clean Fuels and Kuwait’s CFP/Al Zour projects
  • A review of the potential return of Iran’s South Pars condensate
  • The role of naphtha as an ethylene feedstock
  • Overviews of renewable polymers and carbon credit quality and assurance
  • Shipping topics on emergence of new trade routes and impact on freight costs by decarbonisation
  • A Roundtable discussion which explored the workings of carbon credit markets and cost considerations

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Thank You To Our Speakers for the CNF Forum 2022

Conference Co-Chairmen

Dr. Fereidun Fesharaki

Chairman, FGE

  • MPGC 2022 Conference Co-Chairmen
  • LNGA 2022 Advisory Committee Chairman
  • ___

    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.

    He 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. He joined the East-West Center in 1979 and led the energy program as a Director and Senior Fellow till 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 ENEOS Holdings (and its predecessor companies). He was the 1993 President of the International Association for Energy Economics (IAEE).

    In 1995, he was 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. He 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. Dr. Fesharaki has been appointed to the National Petroleum Council beginning in 2008 and most recently re-appointed by the US Secretary of Energy, Dan Brouillette in April 2020.

    Dr. Jeff Brown

    President, FGE Group

  • MPGC 2022 International Advisory Committee Member
  • LNGA 2022 Conference Co-Chairman
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    Dr. Jeff Brown, as President,leads FGE’s analyticaland consulting efforts globally across oil, gas/LNGand NGLs. He overseesdiverse teamsof consultants based in Asia, Europe, the Middle East and North America.

    FGE has over 380 clients globally subscribing to its various retainer, consulting and commercial advisory services. In addition to specialized consulting, FGE releases over 850 reports annually, ranging from two to 300+ pages. FGE also commits to visit and brief every client at least once annually. Dr. Brown both supervises and engages directly in all these efforts.

    Jeff joined FGE eight years ago from JP Morgan where he was Executive Director, Global Commodities Research/Strategy. He was a regular featured speaker at JPMorgan events and published widely. Jeff also served as Senior Oil Analyst at the International Energy Agency in Paris. During this time, he developed the 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.

    Dr. Brown 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 CNN, CNBC and Bloomberg. He delivers numerous speeches and conducts specialized briefings around the world each year.


    Mr. Tetsuji Yoshimine

    Director, Head of Crude, Inpex Energy Trading Singapore Pte Ltd, Singapore

    CNF 2021 Speaker


    Working Experience

    • April 2020- Director, Head of Crude, Inpex Energy Trading Singapore Pte Ltd
    • June 2018- Manager, Oil Marketing Group, Oil Marketing Unit, Global Energy Division, INPEX CORPORATION, Tokyo
    • April 2017- Manager, Oil Marketing Planning & Transportation Group, Oil Marketing Unit, Global Energy Division, INPEX CORPORATION, Tokyo
    • November 2010- Manager, Public Relation Group, Public Relation and IR Unit, Corporate Strategy and Planning Division, INPEX CORPORATION, Tokyo
    • November 2005- Coordinator, Oil Marketing Department (renamed "Oil Marketing Unit" due to the merger of INPEX CORPORATION and another Japanese E&P Company, TEIKOKU Oil), INPEX CORPORATION, Tokyo
    • July 2002- Senior Accountant, INPEX Perth Office, Australia
    • July 2000- Finance and Administration Coordinator, INPEX Melbourne Office, Australia
    • July 1998- Staff, Secretary Division, Indonesia Petroleum, Ltd. Tokyo
    • June 1996- Staff, Treasury Division, Indonesia Petroleum, Ltd. Tokyo
    • April 1994- Staff, Accounting Division, Indonesia Petroleum, Ltd. Tokyo

    Mr. Tony Debenham

    Managing Director, Darwin Clean Fuels Pty Ltd, Australia

    Mr. Geir Mjelde

    Chief Executive Officer, Kristian Gerhard Jebsen Skipsrederi As, Norway

    Ms. Mya Yeo

    Head of Sustainable Partnerships, Asia Pacific, Renewables Polymers and Chemical, Neste Asia Pacific Pte Ltd

    Mr. Faisal Mohammed Al-Haddad

    Team Leader, Market Research, Kuwait Petroleum Corporation, Kuwait

    Mr. Richard Matthews

    Director, Consultancy & Research, EA Gibson Shipbrokers Ltd, UK

    CNF 2021 Speaker


    Richard joined Gibson in 2014 as the Head of Consultancy & Research having previously spent 5 years as a Business Manager at IHS Maritime & Trade. Richard’s primary responsibility is to advise Gibson’s broking and consulting clients on future freight market developments in order to inform chartering and investment strategies. In this role, Richard spends a significant portion of his time travelling internationally to present Gibson’s views on the market to clients and at industry events. Richard has a First Class degree in Business and Economics.

    Mr. Lim Chee Seng

    Managing Director, Rim Intelligence Company Singapore Branch

    CNF 2021 Speaker


    Chee Seng is the managing director of the Singapore Branch of Rim Intelligence Company. Graduated with a Master degree in Chemical Engineering, he has 20 years of experience in the oil & gas industry. He has been involved in supply operations and trading, market analysis as well as price assessments of various energy markets, including crude, petroleum products and LPG.

    Mr. Tom Enger

    Head of Product, Climate Impact X (CIX), Singapore

  • CNF 2021 Speaker
  • ___

    Tom Enger is Head of Product for Climate Impact X, a new global exchange based in Singapore for listing of voluntary carbon credits and trading of environmental contracts. Tom previously developed derivatives strategy for Singapore Exchange (SGX) and the Baltic Exchange headquartered in London. Prior to this, Tom designed commodity benchmarks, trading platforms and analytics for S&P Global Platts. Tom has experience of over 50 different markets. He has degrees from Oxford and Durham Universities and an MBA from the National University of Singapore (NUS).

    Dr. Paul Cherry

    Consultant, Officium Projects Ltd, Hong Kong

    CNF 2021 Speaker


    Paul has more than 30 years’ experience in the petrochemical industry including 20 years working for Lyondell Basell and its predecessor companies, Basell, Montell and Shell Chemicals.

    From 1991 to 2002 he was based in Australia and worked in a variety of technical servcie, product development, manufacturing, sales and procurement roles.

    From 2002 to 2010 he was based in Hong Kong and was responsible for supply chain and procurement activities in Asia, Africa, the Middle East and the Indian Subcontinent.

    After leaving Lyondell Basell, Paul has been working as a freelance consultant to the petrochemical and polymer industries. Paul also works with Officium Projects, a company which develops and commercializes specialty catalysts and the International Chemical Information Services training business delivering petrochemical and polymer training courses around the world.

    Paul has a Bachelor of Applied Science and Doctorate of Philosophy majoring in polymer science both from the University of Melbourne.

    Mr. Thomas McMahon

    CEO & Co-Founder, AirCarbon Exchange, Singapore

    CNF 2021 Speaker


    Thomas is an exchange architect with a combined 30 years of experience across US and Asian Exchange and Regulatory frameworks, with a focus on the development of Exchange traded Cleared Futures and OTC products. His experience in exchange architecture and strategic development includes: West Texas Intermediate Petroleum Advisory Board, LPG product development and trading; Henry Hub Natural Gas contract, -Chairman Natural Gas Advisory, launched Henry Hub contract 1991, LNG, LPG product development and trading; traded as market maker and was Ring Chairman; BitGold, early adopter of the platform for purchase and payments based on physical gold holdings.

    Dr. Iman Nasseri

    Managing Director of Middle East, FGE Dubai

    MPGC 2022 International Advisory Committee Member


    Dr. Iman Nasseri, senior consultant, is based in Dubai. He received his PhD in Economics in the United States, focusing on energy economics, in 2013.

    In FGE, he is primarily focused on downstream oil and gas (LNG). On the oil side, Iman is responsible for Middle East oil research; he works closely with the refining team and is involved with FGE’s Annual World Refining Outlook. On the gas side, Iman is mainly involved in adhoc/commercial gas/LNG projects.

    Since Jan 2018, as MD of Middle East, Iman has been in charge of the FGE analysis and coverage of the Middle East for both oil and gas.

    In 2021, Iman left the London office to head up FGE Dubai. The new office will allow us to better serve existing and future Middle Eastern clients.

    Holding a Master’s degree in Energy Systems Engineering and a Bachelor’s degree in Electrical Engineering, from Universities in Iran. He previously worked for Iran’s Institute for International Energy Studies (IIES), the research arm of the Ministry of Petroleum. Before joining FGE London in 2014 as a full time consultant, Iman worked part time for FGE as a research associate in the Hawaii office, where he was involved with several gas-related projects.

    Mr. Thomas Olney

    Global Head of NGLs , FGE, Singapore

    CNF 2021 Speaker


    As the Global Head of NGLs FGE, Thomas leads our global coverage of all liquids from the gas stream (C2-C10), including condensate. This includes advisory, insight and consulting on global NGL markets.

    Through his time at FGE, Thomas has worked in a variety of roles across the energy landscape; focusing on refined petroleum products markets, NGLs & condensate markets, bunker markets, both onshore and offshore midstream, shipping and petrochemicals. Work includes feasibility studies, due diligence work and broader contract pricing.

    Prior to FGE, Thomas worked as an equity analyst at the Private Bank, Kleinwort Benson, focusing on midcap equity research in the UK Oil & Gas Sector.

    Thomas has an M.Sc. in Management from Imperial College London, a BA in History, Spanish & Portuguese from the University of Nottingham, and also attended the International Management Programme at Fundacao Getúlio Vargas EAE-SP in Sao Paulo.


    CFA Level 1: Passed in June 2016
    2013-2015: M.Sc. Business Administration and Management, Imperial College London, UK
    2009-2013: B.A. Joint Honours Hispanic Studies and History, Nottingham University, UK

    Work History

    • 2019-Present: Global Head of NGLS
    • 2017-2019: Consultant, FGE
    • 2015-2017: Oil Team Analyst, FGE
    • 2014-2015: Analyst, Kleinwort Benson, Equity Research & Portfolio Management
    • 2011 (June-December): Chamber Analyst, British Chilean Chamber of Commerce

    Languages Spoken

    • English – Native
    • Portuguese – Professional
    • Spanish - Professional

    Mr. Armaan Ashraf

    Consultant, NGLs, FGE, Singapore

    CNF 2021 Speaker


    Armaan is currently an analyst at FGE in Singapore. In his role, he specializes in the Condensate and Naphtha markets with a focus on East of Suez region and plays a key role in the analysis and reporting for the Condensate & Naphtha monthly and the long-term Condensate outlook. Prior to joining FGE, Armaan worked at Freepoint Commodities LLC where he was an analyst covering middle distillates markets and supporting the trading floor. Armaan holds a Bachelor’s degree in Business Administration and a Bachelor’s Degree in Industrial & Systems Engineering from the National University of Singapore


    Attendance Profile

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