An annual “must attend” for serious condensate buyers and sellers, the Condensate & Naphtha Forum brings together experts from the condensate, naphtha and petrochemical markets, who will share their insights and knowledge, through a series of presentations and panel discussions.

Discuss and deliberate market movements, the future direction of the industry and the impact on your operations.

CNF Forum, Singapore & Virtual, 29-30 March 2022

Conference Connection and the Conference Co-Chairmen are pleased to announce that the 25th Annual Condensate & Naphtha Forum (CNF Forum) will be held as a hybrid event from 29-30 March 2022. Providing options for both in-person and virtual attendance, this is to allow full participation from fans of the Forum all stakeholders of the condensate & naphtha community, bringing together the entire spectrum of the industry who look forward to gathering at this Forum annually.

We are pleased to share an announcement by the Singapore authorities that round-trip quarantine free travel is now available between Singapore and countries in Asia, Australia, Europe and North America. Click here for the latest list of countries.

Click on the link below for  more information about Vaccinated Travel  Lane Requirements and Process: and

Conference Co-Chairmen

Dr. Fereidun Fesharaki

Chairman, FGE

  • CNF 2021 Conference Co-Chairman
  • 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 where he 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 JX 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, he was 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

  • CNF 2021 Conference Co-Chairman
  • MPGC 2022 International Advisory Committee Member
  • LNGA 2022 Conference Co-Chairman
  • ___

    Dr. Jeff Brown, as President, leads FGE’s research and consulting efforts globally across oil, gas and NGLs. He oversees consultants based in Asia, Europe, the Middle East and North America.

    FGE has over 350 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 of these efforts.

    Jeff re-joined FGE seven years ago from JP Morgan where he was Executive Director, Global Commodities Research/Strategy. He was a regular featured speaker at JP Morgan events and published widely on energy markets. 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.

    Confirmed Speakers

    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. Hardi Schuck

    Feedstocks, Chemicals, & Global Chartering Director, Braskem Netherlands BV, Rotterdam

    Mr. Geir Mjelde

    Chief Executive Officer, Kristian Gerhard Jebsen Skipsrederi As, Norway

    Ms. Mya Yeo

    Head, Production Partner Management Asia, Neste Asia Pacific Pte Ltd, Singapore

    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

    CNF 2021 Speaker
    MPGC 2022 International Advisory Committee Member


    Dr. Iman Nasseri, as MD of Middle East, is in charge of FGE’s analysis and coverage of the Middle East. He covers both oil and gas, but is primarily focused on downstream oil. On the oil side, in addition to overseeing 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 LNG projects.

    Iman received his PhD in Economics, focusing on energy economics, from the United States in 2013. He holds a Bachelor’s degree in Electrical Engineering and Master’s degree in Energy Systems Engineering.

    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

    Conference Theme: "Navigating Between Geopolitics and Net-Zero: Condensate Looks Towards A Complex Future"

    As the world emerges from the worst of COVID-19, a new global challenge of reaching net-zero is forcing regulation, complexity but also opportunity, for the oil and gas business. While the goal seems simple, the process of reaching net-zero is far from simple. For condensate and naphtha markets, they have the added complication of navigating shifting geopolitical concerns and petrochemical market dynamics, intensifying the complexity in an already complex world:-

    Energy Transition & Net-Zero Carbon considerations:-

    • Net-zero global challenges for Condensate markets – How will new regulations and increasing carbon oversight impact producers/sellers long on high carbon products?
    • How can producers prepare and leverage on their carbon trading know-how from the gas business, to mitigate the challenges?
    • With the rising complexity of navigating through the regulatory and market environment over the next 10 years, what are the opportunities and risks faced by condensate & naphtha markets?

    Geopolitical Concerns & Petrochemical Market Dynamics:-

    • What are the prospects and potential for the return of South Pars condensate? And how will this impact pricing for condensate, for splitter operators?
    • Recent refinery closures amidst rising oil demand from COVID – Can the stable supply of condensate and less capital-intensive splitter projects be used to help the mid-term gap for lost refined products supply?
    • Can rising demand for petrochemical products in emerging markets, COVID medical and hygiene needs and a requirement for light-weight, low-cost materials for the Energy Transition sustain another petrochemical cycle in Asia?

    Join top management and energy experts from leading condensate producers, buyers and sellers in-person in Singapore this year, for frank discussions on the opportunities and challenges of the industry, as the world moves from the ravages of COVID-19 to the energy transition and a whole new world of net-zero carbon.


    • The impact of geopolitical risks on global condensate trade and status of condensate exporters
    • Latest update on emerging projects – Ichthy’s & Darwin Clean Fuels
    • New trade routes & opportunities for light distillates
    • Outlook for Ethylene Demand & Potential Rise of Recycled & Bio-Plastics
    • Feedstock Supply Chains & Their Challenges
    • Renewable & Circular Polymers & Chemical Solutions
    • Carbon markets & green trading strategies in a low carbon world


    • Session 1: Conference Co-Chairmen’s Addresses & Market Overview
    • Session 2:Condensate Marketing & Splitter Outlook
    • Session 3: Special Feature on Iran
    • Session 4: Shipping Trends in the Light Distillate Markets
    • Session 5: Trends in the Global Naphtha & Petrochemical Markets
    • Session 6: Condensate/Naphtha Pricing & Trading Issues
    • Roundtable Discussions

    Programme & Speakers may be subject to change.

    Media Sponsors

    Attendance Profile

    Health & Safety Protocols at the Condensate & Naphtha Forum


    To ensure that the safest possible environment is created, all attendees and stakeholders will be regularly updated at and individually upon registration, of the appropriate advisories, procedures and regulations in place by the relevant authorities in each location.

    Please click here for details on our general health & safety protocols and specific protocols at the CNF Forum 2021.


    Representation at the Forum Includes:-

    Should you be interested to present a paper or participate at this conference, please contact us

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