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Iran’s condensate exports increase by 50%

Iran’s condensate exports increase by 50%

Date: 19 December 2015 08:17

Baku, Azerbaijan, Dec. 19

By Umid Niayesh- Trend:

Iran’s condensate export has increased by 50 percent in last eight months, The Islamic Republic’s deputy Oil Minister Rokneddin Javadi said.

Currently output capacity of Iran’s condensate - a kind of ultra-light crude oil- stands at 600,000 barrels per day, Javadi said, Iran’s Mehr news agency reported Dec. 15.

The official also confirmed that Tehran has stored condensates on tankers at sea.

Iran’s condensate output has witnessed significant increase since last year due to inauguration of the new phases of the South Pars Gas field, meanwhile due to some technical problems in one of the destination refineries in China, Iran has stored the surplus condensate at sea, Javadi explained.

However there is no crude oil stored at oil tankers, he said.

He further said that Iran plans to increase its oil production by one million barrels per day once the international sanctions are removed.

The figure includes only crude oil and Tehran has plans to boost its condensate production as well, Javadi said.

Once the new phases of South Pars Gas field come to stream in next two years, Iran’s condensate output capacity will surpass one million barrels per day, he underlined.

Currently Iran averagely exports 400,000 barrels of condensates per day to global markets, the official added.

Oil condensates comprise over 20 percent of the country’s reported non-oil exports.

A detailed report by the Iranian Customs Administration, published on November 10, indicates that the country’s condensate export has increased by some two percent in the first seven months of current fiscal year (started March 21), meanwhile its value has decreased by 41 percent.

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