UANI

Dragon Special Resin is part of the Xianglu Dragon Group. Dragon Aromatics is a part the Dragon Special Resin facility.

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"Dragon Aromatics has bought its first cargo of condensate from sanctions-hit Iran in preparation for the start of trial runs at one of China's biggest independent petrochemicals complexes, trade sources said.The petrochemical producer, owned by Taiwan's Xianglu Group, snapped up the cargo of super light crude at a deep discount, as Iran struggles to find buyers amid tightening Western sanctions.

The cargo of one million barrels of South Pars condensate was bought at a discount of about $8 a barrel to dated Brent compared with a $4 discount for a comparable grade low sulphur condensate (LSC) from Qatar, traders said. That implies Dragon is benefitting about $4 million on the cargo it bought from Chinese state-run oil trader Zhuhai Zhenrong, for delivery on Nov. 8 . . . The group is set to win government permission to import condensate, making it the only independent operator with such a permit in China. That allows it to buy the cargoes it wants so long as it uses an agent, or one of the country's handful state-designated traders, to clear them through customs, and pays a commission for the service.

'We are currently in negotiations for long-term contracts but we will rely on spot imports for the time being,' said a company source who declined to give further details . . .  A senior trading manager with Dragon Aromatics declined to comment on the origin of the cargo, but confirmed that the firm was set to win quotas to import 4 million tonnes of condensate for 2013 and to cover 500,000 tonnes of imports by end-2012. Dragon Aromatics has been in talks with condensate sellers to secure an annual supply. That will still have to be imported through one of the agents, which include Chinaoil, Sinochem, Zhuhai Zhenrong Corp and Unipec, the trading arm of top state refiner Sinopec Corp . . . Dragon Aromatics is part of the Xianglu Dragon Group which owns synthetic fibre plants in Fujian province." (Reuters, "Dragon Aromatics buys Iran condensate for trial at deep discount-trade" 11/13/12)