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 Forum has enjoyed the support of national oil companies in gas producing regions, including Emirates National Oil Company, Petronas, PTT Public Company Ltd, Pertamina, Qatar Petroleum, SKK Migas, Tasweeq and Department of Mines & Petroleum, Australia.

Known for its open and frank discussions on the most topical issues the Condensate & Naphtha Forum has to-date attracted an international audience from 120 cities & 50 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 & Naphtha Forum in 2020 was held successfully on a virtual platform with further details below. This year, we are planning a physical event at the end of 2021 in Singapore and hope to bring back the hallmarks of the Forum of camaraderie between participants and enhanced networking potential.


Conference Connection held its 4 flagship conferences virtually in 2020 and 2021. Through conference recordings of the following events, avail of the opportunity to listen to high-level debate, dialogues and discussions between leading industry players, top management and C-Level decision makers, oil industry visionaries and experts
The Organisers, Conference Connection would like to take this opportunity to thank all participants for their support and participation at the 24th Annual Condensate & Naphtha Forum, which was held for the first time as a virtual Forum, from 21-22 October 2020.
The CNF Forum brought key decision makers and senior executives from condensate, naphtha & petrochemical markets, including buyers and sellers, national oil companies, trading companies, aromatic and petrochemical companies and price information services. The Forum highlighted changes in the industry including Condensate production from the US & Iran, emerging condensate markets, global naphtha & petrochemical trends covering aromatics, olefins, crude-oil-to-chemicals and LPG markets, condensate price reporting challenges and a special focus on Middle East benchmarks and condensate pricing.
A highlight of the 2 days was the live Q&A with speakers and roundtable discussions, which gave an opportunity to hear from expert speakers on critical issues addressed & questions posed during the day.

Conference Theme: "When the Dust Settles: Condensate & Naphtha in a Post COVID World"

Under the theme, “When the Dust Settles: Condensate & Naphtha in a Post COVID World” the Forum examined condensate & naphtha markets, influenced by the pandemic and the OPEC+ price war, covering impacts of low oil prices and demand destruction and ramifications on condensate, naphtha and petrochemical feedstock balances.  Speakers from FGE, RBN Energy, Inpex Energy Trading, Darwin Clean Fuels & E.A. Gibson Shipbrokers, provided presentations on the state-of-the-oil, condensate & naphtha markets, US condensate production, Iranian condensate, spotlight on Australia’s Ichthys and Darwin Clean Fuels projects, and impact of Covid-19 on CPP and DPP shipping trends. The 2nd day covering ongoing discussions on Naphtha & Aromatic trends, with Middle East Benchmarks and Outlook for Condensate featured speakers from Officium Projects, Kingfa Huayuan, FGE, Rim Intelligence, S&P Global Platts, DME, General Index and Oxford Institute of Energy Studies.

Conference Co-Chairmen

Dr. Fereidun Fesharaki

Chairman, FGE

MPGC 2022 Conference Co-Chairmen


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

MPGC 2022 International Advisory Committee Member


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.

Thank You To Our Speakers for the Virtual Forum

Mr Rusty Braziel

CEO, RBN Energy, USA

CNF 2020 Speaker


E. Russell (Rusty) Braziel is 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 was appointed by the U.S. Secretary of Energy to the National Petroleum Council in 2018 and is a member of the North American Energy Standards Board. 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.

Mr. Braziel holds BBA and MBA degrees in Business and Finance from Stephen F. Austin University.

Mr. Tony Debenham

Managing Director, Darwin Clean Fuels Pty Ltd, Australia

Mr. Tetsuji Yoshimine

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

Dr. Paul Cherry

Consultant, Officium Projects Ltd, Hong Kong

CNF 2020 Speaker


Paul has more than 25 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. Dave Ernsberger

Global Head of Content & Market Insight, S&P Global Platts, UK

MPGC 2022 International Advisory Committee Member


Dave Ernsberger is Platts' Global Head of Commodities Pricing and Market Insight. Based in London since 2010, he is responsible for managing Platts' worldwide coverage of all commodities markets, news and analytics.

Dave has served in a variety of roles at Platts, including Head of Oil Content, where he managed Platts’ global coverage of oil markets, news and analytics between 2010 and 2016. Before that, Dave was Senior Editorial Director for Asia, managing Platts' editorial and analytical groups in Singapore, Japan, Australia, the Philippines, and China from 2004 until 2009.

Dave joined Platts in 1996 as a metals reporter, and, in 1999, Dave took on responsibility for Platts' new European power start-up ventures as editor-in-chief, launching coverage of the deregulating electricity and natural gas markets in the European Union. He relocated to Houston in 2001 as bureau chief, before moving to Singapore in November 2003.

A native of Boston, Massachusetts, U.S., Dave has a bachelor's degree in philosophy and politics from Warwick University, England, and a master's degree in international relations from Southampton University, England.

Mr. Jorge Montepeque

President, General Index, UK

CNF 2020 Speaker


Jorge Montepeque works in the global origination/business development team for ENI Trading and Shipping (ETS) and focuses on Middle Eastern and National Oil Company opportunities. Origination is responsible for finding new business opportunities for ETS in oil and related commodities such as bio fuels. Origination is tasked with developing a commercial strategy and implementing the initial actions in new business ventures including acquisition of hydrocarbons, storage and vessel chartering.

Prior to joining ETS Jorge headed Global Markets, and advisory company specializing in commodity pricing and term contract benchmark impact. He has engaged in market reviews and recommendations to National Oil Companies, government related entities and the private sector. He provided strategic asset reviews and analysis to the Private Equity and banking sector. He has also supported consultants in niche market areas where highly specialized knowledge and understating is required.

Mr. Montepeque acquired extensive muti-commodity and managerial experience in his earlier employment at Platts where he headed various departments including petrochemicals, crude oil and products. He had various functions across the globe working first in New York heading the petrochemical and crude oil teams. In Singapore he launched key trading systems for crude and product trading in Asia and the Middle East. Jorge Montepeque created the concept of alternative delivery in the Dubai market and rolled the mechanism in other markets.

In London, he handled complex issues in the Brent market and formulated the BFOE mechanism adopted in the North Sea market, including escalators for the delivery of Oseberg and Ekofisk. He implemented a global strategy for the pricing of commodities across the globe for Platts.

Jorge Montepeque established Platts as the premier supplier of market information and helped the company grow steadily year on year. He is recognized as being the architect of the pricing systems underpinning most of the oil trades in the world. Mr Montepeque has been widely recognized for his contributions to the energy markets and for finding innovative solutions to problems that appeared intractable.

Mr. Montepeque has worked in issues related to the oil industry and the pricing of commodities for over 30 years and in recent years branched out into other commodities and designed benchmarks in iron ore and LNG.

Mr. Paul Young

Head of Energy Products, Dubai Mercantile Exchange, UAE

FUJCON 2021 Speaker
OPF 2021 Speaker


Paul joined the Dubai Mercantile Exchange in 2013 as the Head of Energy Products, bringing his extensive knowledge and experience amassed from over 20 years working in energy markets. Prior to the DME Paul spent his career at S&P Global Platts and Dow Jones/Telerate, rising to a number of senior positions that included London, Dubai and Singapore. He has worked on the design and implementation of many energy benchmarks, including key oil prices such as Dated Brent and Dubai/Oman crude, plus European and Asian refined products. More recently, Paul has spearheaded the rollout of Middle East oil derivatives.

Mr. Ahmed Mehdi

Research Associate, Oxford Institute for Energy Studies (OIES), UK

CNF 2020 Speaker


Ahmed Mehdi is an independent energy consultant. His work focuses on strategic planning, pricing and energy economics. He has advised major oil companies in the United States and the Middle East. Ahmed previously worked at PricewaterhouseCoopers (PwC) in London and has served as an advisor to BHP Petroleum’s strategy division for a number of years. He also serves as a Research Associate at the Oxford Institute for Energy Studies (OIES) and Distinguished Associate at Facts Global Energy (FGE). He serves as an advisory board member for Energy Risk Europe. Ahmed was educated at University College London and the University of Oxford.

Mr. Lim Chee Seng

Managing Director, Rim Intelligence Company Singapore Branch

Mr. Richard Matthews

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

FUJCON 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. Wu Jian


CNF 2020 Speaker


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

Ms. Jeslyn Chua

Consultant, FGE, Singapore

Mr. Thomas Olney

Global Head of NGLs, FGE, Singapore

CNF 2020 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

Senior Analyst (Condensate & Naphtha), FGE, Singapore

CNF 2020 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


What Delegates Said About the Forum

Two Key Reasons Cited For Attendance At The Forum

  1. Programme & Industry update
  2. Speakers

What Delegates Liked Best About The Forum

  1. Excellent speakers
  2. Good content
  3. Good conference schedule

CNF Virtual Platform

  1. Easy to navigate
  2. AI matchmaking was useful
  3. Easy to meet people

Top Three Sessions

  1. Session 1: Conference Co-Chairmen’s Addresses & Market Overview
  2. Session 4: Trends in Global Naphtha & Petroechemicals Markets
  3. Session 5: Pricing & Trading Trends with Special Focus on Outlook for Middle East Benchmarks & Condensate

Attendance Profile

Representation at the Forum Includes:-

CNF 2020 Participating Companies

ADNOC Marketing International (S) Pte Ltd
BASF Intertrade AG
Chevron U.S.A. Inc. (Singapore Branch)
Connect Asia Limited
Darwin Clean Fuels Pty. Limited
Dubai Mercantile Exchange
E A Gibson Shipbrokers Ltd
General Index
INPEX Corporation
INPEX Energy Trading Singapore Pte Ltd
JTD Energy
Kingfa Huayuan Pte Ltd
Kolmar Singapore Pte Ltd
Mercuria Energy Trading SA


Mitsui & Co. Energy Trading Singapore Pte. Ltd.
Novatek Gas & Power Asia
Officium Projects Ltd
Oxford Institute for Energy Studies
Port of Fujairah
PTT International Trading Pte Ltd
Qatar Petroleum
RBN Energy
Reuters News
Richmond Mercantile (S) Pte. Ltd.
RIM Intelligence Singapore
S&P Global Platts
Sahara Energy Int’l Pte Ltd Singapore
Thomson Reuters
Vanda Insights
Woodside Energy Ltd

The CNF Virtual Platform Features

Watch sessions in real time or on-demand at a time convenient for you

Build your own personalised profile and agenda and submit your questions for a live Q&A

Use our AI matchmaking technology to connect with other attendees

Gain access to unique networking and business development opportunities via the Forum platform

Engage directly with attendees through social chat, 1-2-1 chats and 1-2-1 video calls

Pre-Book 1-2-1 calls and 1-2-1 video chats with attendees

Organised By

Media Sponsors

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