* Buys 700,000 bbls Ormen Lange from Statoil
*
* Other South Korean buyers looking to diversify supplies
April 2 (Reuters) - South Korean refiner Hyundai OilbankCorp has bought its first ever Norwegian condensatecargo as it sought supplies from outside
Other South Korean condensate buyers are also hunting forother supplies of the ultra light oil apart from
Hyundai Oilbank bought 700,000 barrels of Ormen Langecondensate from Statoil for delivery in June, thesources said.
A spokesman for Hyundai Oilbank declined to comment andofficials of Statoil could not be immediately reached forcomment.
"The condensate market is very tight so they're buyingwhatever they can," one of the sources said, referring toHyundai Oilbank.
The National Iranian Oil Company has cut supplies of SouthPars condensate to
Iranian condensate exports to
South Korean buyers, including SK Energy and Hanwha TotalPetrochemicals, are also looking for other condensatesupplies from
"It's not the origin we care about the most, it's the priceand how well the oil fits in our plants," said a source at aSouth Korean refiner that is also chasing non-
"It seems many are seeking to diversify their condensatesupplies because we don't want to be caught off guard if the
The sources declined to be named for this story because theyare not authorized to speak to the media.
Still, the tight supply situation could improve for HyundaiOilbank in the fourth quarter as the refiner will be able toprocess light crude in addition to condensate, the sources said.
The company plans to shut its 130,000 barrels-per-daysplitter in Daesan in September for maintenance for nearly amonth, they said.
Splitters process condensate for fuel, specifically naphtha,to make petrochemicals.(Reporting by Florence Tan and Jessica Jaganathan in