SP Gas Condensate Exports Up 40%

SP Gas Condensate Exports Up 40%SP Gas Condensate Exports Up 40%

A total of 9.57 million tons of gas condensate, valued at $8.65 billion, was exported from South Pars gas field during the first ten months of the current Iranian calendar year (March 21, 2014-January 20, 2015), indicating a 40 and 35 percent increase in terms of value and weight, respectively.

Gas condensate's share of the total exports from Pars Special Economic Energy Zone (PSEEZ) stands at 57 and 53 percent in terms of value and weight, respectively, head of the PSEEZ customs said, Shana news agency reported Sunday.

The main buyers of Iranian gas condensates are the same as its traditional oil customers, namely China, India, South Korea, Turkey, Taiwan and Japan.

In total, 17.9 million tons of various commodities were exported from South Pars in the 10-month period. These include heavy-ends, light and heavy polyethylene, diethylene glycol, monoethylene glycol, thriethylene glycol, butane, propane, gas condensates, fertilizer urea, paraxylene, and methanol. Total export from South Pars is valued at $15.1 billion.

Iran is seeking to capitalize on sales of oil products such as petrochemicals and condensates to make up for the drop in its oil sales. Oil and gas condensate production capacity is projected to exceed 5.7 million bpd by 2018.

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. The field has a capacity of producing 820 mcm/d and 1 mcm/d of gas and gas condensates, respectively.