Huge gap between Iran's gas condensate export value and volume growth


Iran's gas condensate exports increased to 7.75 million tons during the last four months, indicating a 2.3-time increase compared to the same period last year.
Iran's fiscal year starts on March 20.
Iran's Custom Administration released its monthly report on Aug. 13, saying the country's total gas condensate export value during last four months was $5.18 billion, 1.7 times more than the same period last year.
It is not clear why Iran's gas condensate export experienced a 127 percent increase in volume, but has only a 72.3 percent increase in value, while there have not been any significant fluctuations in oil prices since last year.
However, Iran reportedly offers discounts to customers to encourage them to buy more Iranian oil.
China is Iran's biggest both crude oil and the gas condensate importer. According to the China Custom reports, this country received 630,000 barrels of Iranian oil during the first half of 2014, indicating about a 50 percent increase.
Iran's condensate, petrochemical products exports and total foreign non-oil trade in first four months of current fiscal year
Volume, Million tons
Changes Y/Y
Value Billion USD
Change Y/Y
Condensate export
7.749
127.33 percent
5.179
71.75 percent
petrochemical products
5.532
12.34 percent
4.383
23.62 percent
Total exports
33.761
13.24 percent
16.097
21.14 percent
Total imports
13.192
42.55 percent
17.655
35.78 percent
Iran's Custom Administration includes condensate and liquid petroleum gas (butane and propane) in non-oil export items.
The first four months of Iranian fiscal year are 31-day month each one, then Iran exported 525,000 barrels of condensate per day on average during the last four months at a price of about $80 per barrel.
The natural gas condensate is an ultra-light crude produced from gas fields. This figure in 2010 and 2011 was $96 and $100 respectively, according to the Custom's annual reports.

Iran was producing a little more than 0.4 million barrels of condensate during 2013, but phase 12 of South Pars gas field came on stream early 2014.
According to the International Energy Agency's reports, Iran had above 30 million barrels of oil, including condensate stored on tankers in the first half of 2013, but director of the International Affairs Department at National Iranian Oil Company Mohsen Ghamsari said said on Aug. 5 that that Iran now has less than 5 million barrels of gas condensates storage at China's coasts to be sold to Chinese refiners gradually.
Shana News Agency reported in May that Iran exported the first condensate cargo, produced at Phase 12 of South Pars, amounted to 900,000 barrels.
According to the report, Iran exported 862,000 tons of propane, worth $687 million during the mentioned time, indicates a 130 percent and 141 percent increase in volume and value respectively, compared to the same period in the last year.
The country also exported 542,000 tons of butane, worth $535 million, shows a 65 percent and 79 percent in volume and value respectively.

Comments

Post a Comment

Popular posts from this blog

Iran in fighting with Caspian Sea pollution

Image
Iran, with its largest population on the Caspian Sea shore among other littoral countries, is keen to save the world's biggest inland body of water from pollution and has initiated a "Comprehensive plan to reduce pollution" plan. The Fars News Agency quoted the head of Department of Environment Mohammad-Javad Mohammadzadeh as saying that the plan targets preventing entry of pollutants, including household waste, especially in Gorgan and Mazandaran provinces, to the Caspian. Meanwhile, Abdolreza Karbasi, the deputy head of Environmental Protection of Iran alarmed about the ecological state of beaches, releasing warning to swimmers in the Caspian Sea. "The pollution at some parts of the sea has exceeded the authorized limit by 100 times," he said. Iranian coastal population is around 6 million people, including residents in the regions en route the rivers that flow to the Caspian, whose household waste waters enter the sea without passing through wa
Read more

U.S. Sanctions Slow Iran’s Electricity Generation And Trading

Image
By  Dalga Khatinoglu The peak electricity demand in Iran and its neighbor clients Afghanistan and Iraq happens in warm months, but during this period last year Islamic Republic’s exports plunged due to high demand at home. Its electricity imports from Armenia and especially Turkmenistan have been declining dramatically since September. This is possibly due to U.S. banking sanctions, which restrict Iran’s ability to pay its bills. During international sanctions prior to the nuclear deal (2011-2016), Iran was also unable to pay for Turkmen gas and electricity imports, running up $2bn in debts. Iran’s electricity trade during last and the previous fiscal years (GWh/month): ​ Power Generation Iran increased nominal power generation capacity by 2.3% last year; less than half of projected growth, but its actual electricity generation increased by only 1% to 312 TWh, a fifth of projected plan. The growth rate for actual power generation is far below nominal capacity, because
Read more

Iran Launches Uncompleted Gas Project Citing Suspiciously High Production

Iran’s Oil Ministry officially opened four new phases of the South Pars gas field March 17, citing production and investment figures that don’t add up. The nominal production capacity of the newly opened phases 13, 22, 23 and 24 is 113 million cubic meters per day (mcm/d), but currently they are producing about half of that. The processing units of these phases are also operating at half capacity most probably due to Iran’s technical limitations compounded by sanctions. Phase 13 is projected to produce 56 mcm of natural gas and 75,000 barrels of gas condensate (ultra-light oil) per day, when it becomes fully operational. The capacity of phases 22-24 are together equal to phase 13. The Oil Ministry said all phases will be operating at full capacity within one year. According to Oil Ministry’s statement, some $10 billion were invested in the mentioned four phases, but ministry officials put the figure at $11 billion during the inauguration ceremony, which President Hassan Rouhani
Read more