TEHRAN: The latest market figures show Iran’s exports of condensate have seen a major increase in the third quarter of the current year. The Tehran Times said in a report on Tuesday that the exports of the ultra light oil exceeded $1.6 billion from March to June 2016. The figure shows a rise of 57 percent compared to the same period last year.
The bulk of the exports have been made from the country’s Pars Special Economic Energy Zone (PSEEZ) in the energy hub of South Pars in the southern Bushehr Province. A major client of Iran’s condensate is South Korea which is expected to import a record level of at least six million barrels, or 200,000 barrels a day, by the end of June. The previous volumes stood at about 3-4 million barrels in April and May. Other reports earlier said exports of the fuel to South Korea could jump even higher if Iran clinches a deal with Hyundai Chemical to supply the company’s new splitter.
Iran has already 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. Once fully operational, the eight refineries will have a daily production capacity of 24,800 barrels of liquefied gas. Other key products include 128,000 barrels of light naphtha, 148,000 barrels of heavy naphtha, 29,600 barrels of jet fuel and 149,600 barrels of diesel. 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.
