Russia’s Novatek increased naphtha exports from its Ust-Luga complex in the Baltic Sea to a record high 530,000 metric tons in November, data from the market sources and LSEG showed.

In October, Novatek exported around 485,000 tons of naphtha, shipping data showed.

Exports of naphtha rose on increased gas condensate refining after the new condensate fractionation unit was launched at full capacity in November and planned maintenance was completed on the first two units, market sources added.

Novatek did not reply to a request for comment.

Novatek exports mostly to Asia, including China, Singapore, Taiwan and Malaysia, LSEG data shows.

The new refining unit has annual capacity of 3 million metric tons of gas condensate – a liquid feedstock similar to light crude oil, processing it into light and heavy naphtha, jet fuel, fuel oil and gasoil.

In 2023, the complex processed 7 million tons of gas condensate, Novatek data showed.
Source: Reuters (Reporting by Reuters; editing by Jason Neely)