UPDATE 1-BTG Pactual opens new E.Coast front for condensate exports -sources
(Adds details about condensate supply, terms of deal)
By Liz Hampton
HOUSTON Oct 7 (Reuters) - The trading arm of Brazilian investment bank BTG Pactual has opened a new East Coast gateway for exports of U.S. condensate, preparing to ship a second cargo this week along what is set to become a regular route to overseas refiners, sources familiar with the matter said.
BTG is expected to load the STI Beryl, a Panamax vessel, with 300,000 barrels of processed condensate at Buckeye Partners LP's Perth Amboy terminal this week, just one month after executing a similar deal that was the first known shipment from an East Coast terminal, the sources said.
Two of the sources said cargoes are now set to flow on a regular basis from Perth Amboy, the newest outlet for the ultra-light oil that the government said last year was exempt from a U.S. ban on most exports of domestically produced crude.
So far, exported condensate has come from terminals along the Gulf Coast fed by Texas oil fields such as the Eagle Ford shale. But the ones from the Buckeye terminal lifted by BTG Pactual will be supplied by condensate coming from the Utica and Marcellus shale fields in the Northeast and Midwest.
The deal is one of the most visible yet for the commodities trading division that BTG set up two years ago, when it spent some $300 million building a global business and hiring hundreds of staff to trade everything from freight to grains to natural gas at offices in London, Geneva, Stamford, Connecticut and elsewhere.
The first cargo, which left the New York Harbor in early September, was fixed for delivery in the Netherlands.
The STI Beryl entered the New York Harbor on Monday, according to Reuters vessel tracking data. Continuación...