September 20, 2018 / 9:54 AM / a year ago

UPDATE 1-Japan's Inpex sells 1st condensate cargo from Ichthys project in Australia - sources

(Updates with Exxon declining to comment)

SINGAPORE, Sept 20 (Reuters) - Inpex Corp, Japan’s top explorer, has sold its first condensate export cargo from the Ichthys project in Australia, trade sources said.

Inpex sold 350,000 barrels of Ichthys condensate to load over Sept. 28 to Oct. 8 in a tender to Exxon Mobil Corp, the traders said.

The cargo is likely for delivery into Singapore, they added.

Exxon owns and operates Jurong Aromatics Corp’s condensate splitter.

The quality of the condensate could not immediately be confirmed, but a trader said the API is likely around 50 and it has 50 percent to 60 percent yield of naphtha and 35 percent of middle distillates which comprise mainly diesel and jet fuel.

Inpex and Exxon declined to comment. An Exxon spokesman said the company typically does not discuss details of its commercial transactions.

Inpex said in August that it expected the $40 billion Ichthys project to start shipping condensate, liquefied natural gas (LNG) and liquefied petroleum gas (LPG) in that order from around end-September to end-December. (Reporting by Jessica Jaganathan and Florence Tan; Editing by Subhranshu Sahu and Tom Hogue)

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