SPGC Sends Gas Condensate to Europe

South Pars Gas Complex has shipped its first gas condensate cargo to Europe, managing director of the company said on Wednesday.

Masoud Hassani added that for the first time after the easing of international sanctions, one million barrels of gas condensates produced in South Pars Gas Complex were exported to terminals in Europe, Shana reported.

The complex produced more than 125 million barrels of gas condensates in March-November period that is 18.2 million barrels more than last year's corresponding period.

Underscoring that the main buyers of Iranian gas condensates in Asia are its traditional oil customers, namely China, India, South Korea, Turkey, Taiwan and Japan, he noted, "More than 98 million barrels of condensates have been sold to Asian buyers in the same period."

Reportedly, companies from South Korea, as one of the main customers of Iran's condensate, took in 6 million barrels of Iranian South Pars Condensate in June, up from about 3 million to 4 million barrels in April and May.

Condensates are in the twilight zone between crude oil and natural gas. They possess characteristics of both oil and gas, and have values and market drivers both similar to, and distinctly separate from, oil and gas.

The country's gas condensates account for almost 30% of the country's total non-oil exports.

South Pars is the world's largest gas field, shared between Iran and Qatar, covering an area of 3,700 square kilometers of Iran's territorial waters in the Persian Gulf. It adjoins Qatar’s North Field, which measures 6,000 square kilometers.