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Iran's condensate exports exceeds pre-sanctions level despite Y/Y decrease

01 September 2015 [12:08] - TODAY.AZ

By Dalga Khatinoglu

Iran's gas condensate export is more than pre-sanctions level despite a more than 5 percent decrease in volume during the last five months.

According to Iran Custom Administration's monthly report, Iran exported 8.2 million tons on gas condensate during first five months of current fiscal year, started on March 2, indicating a 5.58 percent decline in volume year-to-year.

Coming to revenues, the country's condensate export reached $3.56 billion, about 41 percent less than the same period last year.

Iranian Oil Minister Bijan Namdar Zanganeh announced earlier that some 60 million barrels of unsold gas condensate is stored in tankers in Persian Gulf.

However, according to the U.S. Energy Information Administration, Iran stores about 30 million barrels on the water, more than half is condensate, and the rest is mainly medium, sour crude oil.

It's is not clear how Iran would sell the condensate storage, because Iran may find it challenging to find buyers for the condensate, as current condensate prices indicate that consuming markets, particularly in Asia, are well supplied, EIA estimated on August 13.

Iran may have to consume a part of the stored gas condensate itself as the country prepares to launch its biggest refinery, Setareh Khalij Fars (Persian Gulf Star) which will need 360,000 barrels per day of gas condensate.

Despite the fall in gas condensate export, as well as the accumulation of huge amount of gas condensate on the water, the Islamic Republic's gas condensate export volume is more than pre-sanctions level, which was about 270,000 barrels per day in 2011.

Currently this volume stands at about 450,000 barrels per day.

Gas condensate, or ultra-light oil shares about 21 percent of Iran's total non-oil exports. Iran includes this raw oil material in its non-oil export basket.

The country's total non-oil exports reached $16.939 billion in the first five months, a 7.32 percent and 15.79 percent less than the same period of last year in volume and value respectively.

It's non-oil imports also reached $16.911 billion, indicating a 15.98 percent and 19.36 percent decrease year-to-year.

Iran's petrochemicals export also increased by 35.32 percent in volume, but decreased by 2.77 percent in value.

Petrochemicals share 33.88 percent of Iran's total non-oil exports. Petroleum gases and other gaseous liquefied hydrocarbons export experienced a huge increase, about 286 percent in volume to 936,000 tons as well.

On the other hand, Custom's report says that liquefied butane and propane export increased by 13.25 percent and 29.62 percent in volume, but decreased 38 percent and 32.5 percent in value.

Iran exported 800,000 metric tons of butane at $424 million and 1.244 million metric tons of propane with worth $636 million during the last five months.

/By Trend/
URL: http://www.today.az/news/regions/143321.html

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