Publishe Date: 12:56 PM - 2/1/2015 | Print

Iran's Gas Condensates Exports from Pars Zone Up by 40 percent

Economy - Exports of gas condensates from Pars Special Economic Energy Zone (PSEEZ) increased by 40 percent in the first ten months of the current Iranian year (March 21, 2014-January 21, 2015) compared to the corresponding period last year.

 Iran exported 9.575 million tons of gas condensates worth $8.653 billion showing a rise of 35 percent in weight and 40 percent increase in value in the first 10 months of the current year as compared with last year's corresponding period, Iran's Customs Administration announced in a statement on Sunday.

The main destinations of the Iranian condensate supplies were China, Iraq, the United Arab Emirates (UAE), Afghanistan and India.

The PSEEZ was established in 1998 for the utilization of South ‎Pars oil and gas resources and encouraging commercial activities in the field of oil, gas and ‎petrochemical industries.‎

The South Pars gas field, divided into 28 phases, is located in the Persian Gulf on the common border between Iran and Qatar. The field is estimated to contain 14 trillion cubic meters of gas and 18 billion barrels of condensates.

The field covers an area of 9,700 square kilometers, 3,700 square kilometers of which lie in Iran's territorial waters in the Persian Gulf. The remaining 6,000 square kilometers, i.e. North Dome, are located in Qatar's territorial waters.

Last year, Iran’s Oil Minister Bijan Namdar Zanganeh said the country’s gas condensate exports were affected after the US government penalized dozens of Iranian and foreign companies for violating sanctions imposed on Tehran.

“The embargo on selling gas condensate was in effect beforehand and it has just been announced officially, but it has not had any decisive effect on the gas condensate sales,” Zanganeh said.

Zanganeh's remarks came after US announcement of a fresh round of bans on over 25 individuals and companies, including shipping firms, oil companies, airlines and six banks over alleged links with Iran’s nuclear energy program.

The companies targeted by the US sanctions included UAE-based Goldentex FZE, cooperating with Iran’s shipping sector, and Italian firm Dettin SpA, collaborating with Iran’s petrochemical industry.

At the beginning of 2012, the United States and the European Union imposed sanctions on Iran’s oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil or extending insurance coverage for tankers carrying Iranian crude.

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