60352
Combined exports of crude oil and condensates have also climbed to 2.8 million bpd.
Combined exports of crude oil and condensates have also climbed to 2.8 million bpd.

Giant Leap in Iran's Gas Condensate Exports

The main buyers of Iranian gas condensates in Asia are its traditional oil customers, namely China, India, South Korea, Turkey, Taiwan and Japan

Giant Leap in Iran's Gas Condensate Exports

The National Iranian Oil Company exported 24 million barrels of gas condensates in January to Asian and European buyers -- the outbound volume being over and above the average figures seen during the past several months.
Since the easing of international economic sanctions in January last year, Iran's gas condensates exports have risen nearly four times, reaching a daily average of 550,000 barrels from just around 150,000 barrels per day in 2012 when trade and financial restrictions were in place, Shana reported.
According to Ali Kardor, NIOC managing director, gas condensates output was around 300,000 bpd in 2013, but production capacity has since shot up by 50%, exceeding 600,000 barrels per day. Combined exports of crude oil and condensates have also climbed to 2.8 million bpd, said the official.
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.
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, "BP received its first gas condensates cargo from NIOC last year under single-shipment contracts and negotiations are underway for NIOC to sign long-term contracts with Shell."
In related news, Iran had stored up 10 million barrels of condensates in China as part of efforts to expand its presence in the world's second-largest energy market, but the entire inventory has been sold, the Oil Ministry said  earlier in the week.
Tehran turned to leasing oil storage tanks in China during the sanctions, making the country an export base for its petroleum products in the Far East as financial and trade restrictions had significantly curtailed Iranian oil trade and shipment.
"With each barrel at $40, export of 50 million barrels of condensates generates $2 billion in revenues, Kardor was quoted as saying by Shana on Saturday.
Condensate output is slated to reach 1 million barrels a day upon the launch of all phases of South Pars, the giant gas field shared by Iran and Qatar, the NIOC chief added.
But Tehran has said it wants to reduce the outbound shipments of condensates and instead  use the fossil fuel for manufacturing goods with higher value added. 
Condensate exports are set to decrease sharply upon the launch of several oil processing plants, including the Siraf and the Persian Gulf Star Refinery, the latter said to be the largest refinery project in the Middle East.
Export of petroleum products has also risen to record levels in the first 10 months of the current fiscal year as 450,000 barrels of oil derivatives such as naphtha, diesel, bitumen and sulfur, were exported in large volumes to Southeast Asian clients from Mahshahr, Asalouyeh, Lavan and Bandar Abbas ports in southern Iran.

Short URL : https://goo.gl/NRNgfj
  1. https://goo.gl/U7ePyH
  • https://goo.gl/rw78q4
  • https://goo.gl/BzVpAI
  • https://goo.gl/8g0xwM
  • https://goo.gl/z2ZNLS

You can also read ...

Yadavaran’s Total Output Tops 100 Million Barrels
Output from Yadavaran joint hydrocarbon deposit with Iraq...
An offshore South Pars platform before installation
Iran is pushing ahead with plans to develop its petroleum...
Sharp Drop in Iraqi Kurdistan Crude Exports
Oil exports from Iraq’s Kurdistan via the Turkish...
Gasoline Consumption Up 5%
Iranians consumed an average of 79 million liters per day of...
Dudley traced his company’s focus on climate change back 20 years.
Fossil companies will need to see market-shifting government...
The government will completely stop all plans for the construction of new nuclear reactors.
South Korea’s President Moon Jae-in said on Sunday the...
OPEC and its allies are scheduled to meet in Vienna on Nov. 30.
OPEC and its non-OPEC allies reiterated that all options to...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus