Iran says exports of condensate up 76%

Iran says its exports of gas condensate over a period of five months starting 21 March 2016 have shown a whopping increase of 76 percent compared to the same period last year.

Mehdi Yousefi, the managing director of Pars Special Economic Energy Zone, was quoted by the media as saying that the volume of the condensate exported during the period stood at over 7 million tons.  The exports, Yousefi added, fetched the country about $3 billion.

The official emphasized that the total value of non-oil products and condensate exported over the same period at $7.4 billion, adding that the figure shows an increase of 36 percent compared to last year. 

The exports also show an increase of 40 percent in volume compared to the same period last year. 

Iran sells the bulk of its condensate to South Korea. In mid-July, the media reported a major rise of 115 percent in South Korea’s combined imports of crude oil and condensate from Iran. The jump was mainly associated with the country’s interest in cheap Iranian condensate.   

Iranian officials have already emphasized that the country will be given more room for maneuver in the global energy market by converting condensate to products such as naphtha, jet fuel and diesel. 

The country has announced ambitious plans to build at least eight new condensate refineries in South Pars. This is meant to prevent further sales of raw material in favor of selling the end products.

SS