Iran's Condensate Export From Siraf at 3.7m Barrels

 Iran's Condensate Export From Siraf at 3.7m Barrels Iran's Condensate Export From Siraf at 3.7m Barrels

Over 3.7 million barrels of gas condensates have been exported from the port city of Siraf in southern Bushehr Province in the first half of the current Iranian year (started March 20), an official at Fajr-e Jam Gas Refining Company said.

“Following the lifting of international sanctions, the export of gas condensates from the company has witnessed a significant rise, as 95% of the cargoes loaded in the Siraf terminal have been exported,” Jamshid Khajeh-Khah was also quoted as saying by IRNA on Sunday.

According to the official, gas condensate produced in Fajr-e-Jam Gas Refinery is transferred to Siraf Port via two 56-kilometer pipelines and loaded on to tankers through a single buoy mooring several kilometers offshore. 

Khajeh-Khah added that there are four storage facilities, each with a capacity of 4,000 cubic meters (equal to 1 million barrels) at Siraf Port.

According to RBN Energy, an energy market data provider and services company, 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 main buyers of Iranian gas condensates are its traditional oil customers, namely China, India, South Korea, Turkey, Taiwan and Japan.

In a statement in June, Seyyed Mohsen Qamsari, National Iranian Oil Company's director for international affairs, said Hungary's largest oil and gas company MOL Group had called for importing 40,000 barrels of light oil per day from Iran, but the country is low on light crude supplies and most of its shipments are made up of Iran Heavy, one of its main oil grades.

MOL operates refineries in Hungary, Slovakia and Croatia. It also has exploration and production assets in the North Sea and countries such as Pakistan and Iraq.

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

Higher export of Iranian condensate to the world's fifth-largest crude buyer could take place in the fourth quarter, if Iran signs a deal with Hyundai Chemical to supply the company's new 110,000-bpd refinery in Daesan on the country's west coast, which would be completed in the second half of the year.

Iran plans to boost oil production to 5.8 million bpd within five years, including 1 million barrels of gas condensates.