Japan's Mitsubishi buys naphtha cargo from Iran

22-Feb-17

Japan's Mitsubishi Corp bought a naphtha cargo from Iran last month, the Asian country's first such purchase from Iran since October 2016, as per sources reported by Reuters. The naphtha cargo, loaded in late January, has arrived in Japan and is from the new Persian Gulf Star Refinery (PGSR), one source added. The cargo contains high sulphur, restricting the number of petrochemical makers that can use it.
A Mitsubishi spokesman confirmed it had bought naphtha from Iran recently, but declined to comment on details or which refinery the cargo was from due to company policy. PGSR has a condensate splitter but traders say it is only making sporadic offers now as its secondary units are not ready. Once its secondary units are commissioned this year, the refinery will cease naphtha exports as the fuel will be channelled to the gasoline pool.