A new kind of light oil from the U.S., called the "West Texas Light", is being offered to Asian buyers as Asians seek alternatives to replace Iranian oil, and a ultra oil known as "condensed", for the largest Plastic manufacturers in the region. American oil, which is light and sweet in nature, produces a high proportion of naptha and other distilleres when processed, with low levels of impurities, such as sulfur.
The West Texas Light is produced in the Permian Basin, in western Texas and New Mexico, where it originates its name. The fuel represents 20% of the production in the area, being marketed to refiners in northern Asia as petrochemical input and refinery input, which is an alternative to the Iranian condensate.
South Korean and petrochemical companies in the sector are already acquiring the West Texas Light, S-Oil Corp and Hyundai Oilbank Co., for example, recently bought American oil to be delivered in September and October, respectively. Hyundai Oilbank has purchased crude oil, while S-Oil Corp will use the raw material to replace Qatar's most expensive supplies, as the company generally does not buy oil.
After the U.S. has reduced the waivers by allowing purchases in the Persian Gulf state, Asian processors now seek to find oil substitutes for Iran and a ultra oil classified as "condensed".
In South Korea, companies with units built to decompose condensation in the building blocks, however, were the most affected due to a halt in the Iranian flow in South Pars (the world's largest natural gas field). This led Korean buyers to import alternative supplies from countries such as Nigeria, Norway and the United States.
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