3 Floating Storage Units Launched

3 Floating Storage Units Launched3 Floating Storage Units Launched

Three new floating storage units have been launched in the Persian Gulf and are ready to operate, said director of Iran Oil Terminals Company. "The previous sales record for gas condensate has already been broken prior to the lifting of sanctions, as the export of this strategic product to China has resumed," Mehr News Agency quoted Seyyed Pirouz Mousavi as saying.

Ruling out any restrictions on offshore export operations, Mousavi said the three new FSUs will facilitate simultaneous shipment of the product on several giant vessels.

After a relatively long pause in gas condensate exports to Chinese refineries due to their technical problems, exports have resumed once again. The sales volume of the product has surpassed 210,000 barrels per day for the first time since early 2015.

Currently, Iran has the potential to export 500,000 bpd of the key petrochemical product, which will increase once the new phases of South Pars Gas Field become operational.

"In parallel with the newly established phases of South Pars Gas Field, which help bolster gas condensate production, a number of programs have been worked out and put on the agenda to boost exports from the Persian Gulf terminals," he said.

Mousavi also announced eight new condensate storage tanks are under construction in Asalouyeh, the site for land-based facilities of the huge Pars Special Energy Economic Zone project in Bushehr Province, with a nominal capacity of 500,000 barrels per tank. "They will help boost export rates, once the sanctions are fully lifted," he said.

According to Shana, nearly 5 million tons of gas condensate were exported from PSEEZ during the first six months of the current Iranian year (started March 21).

The rate stood at 913,714 tons worth over $400 million during this period.