In May, China's independently owned refiners, which are referred to as "teapots," sold 3.28MM mt (899K b/d) of gasoline, an 8.8% month-on-month increase and a 30.4% year-on-year increase. As a result, sources report that teapots have been processing higher volumes of imported condensate with several cargoes arriving in May. Even though most of these plants are generally configured to process heavy to medium grades in produce diesel, teapots have splitters that can process condensate into naphtha, which is used for gasoline blending. On June 10, a Greek-flagged vessel has discharged 42K mt of condensate from Australia's North West (NW) Shelf to Longkou port in Shandong, China. Sources also report that Vitol and Mercuria have been actively trading condensate in Shandong.
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