Iran stops transiting Turkmen LPG in a bid to boost exports - report

Iran stops transiting Turkmen LPG in a bid to boost exports - report

Azerbaijan, Baku, Feb.19 / Trend F.Mehdi/

Iran has stopped transiting Liquefied Petroleum Gas (LPG) from Turkmenistan with the goal of increasing exports of domestically produced LPG to international markets, the Mehr News Agency reported.

Iran has boosted the production of LPG in its refineries and has officially stopped transiting Turkmen LPG.

"Under economic sanctions against the Islamic Republic, hiring foreign tankers for exporting liquefied gas has been made difficult, so exporting LPG to Iraq and Pakistan is economically justified in such a situation," Hamid Hosseini, the member of the Iranian oil, gas, and petrochemical exporters told Mehr.

LPG comprises propane and butane. Last solar year, Iran exported $2.06 billion worth of propane, and $1.3 billion worth of butane, according to Iran's Customs Organization, but new figures show that Iran's total propane export during the first eight months of the Iranian solar year (starts on March 20, 2012) is $900 million, and butane disappeared from Iran's first five non-oil export items list.

The country sold $3.5 billion worth of liquid petroleum gas (LPG) last year.

In August 2012, the Fars News Agency reported that the volume of LPG produced in different units across Iran has witnessed a 54 percent increase during the first four months of the current Iranian year (started on March 21).

According to manager of the National Iranian Gas Company (NIGC) for Coordination and Supervision of Production Mehdi Jamshidi, over 466,000 tons of Liquefied Petroleum Gas have been produced in Iran during the first four months of the current Iranian year, showing a 54 percent increase compared with the same period last year.

On January 14, the Pana News Agency reported that Iran has created infrastructures for swapping up to 6 million liters of oil products at northern regions of the country.

In recent years taking improper policies by the Iranian administration has reduced the volume of swaps to a great extent, so that some 6270 tons of liquefied gas has been swapped between Central Asia and Iran since the beginning of the current yea, compared with 21,188 tons in the past year.

National Iranian Gas Company Managing Director Javad Owji said in October 2102 that imports of natural gas from Turkmenistan into Iran have decreased by 52 percent over the first half of the current Iranian year (March 20-September 21, 2012) compared to the same period of last year.

In August 2012, deputy oil minister Alireza Zeighami announced that Iran has launched a liquefied gas swap route in the Caspian Sea.

The Mehr News Agency quoted Zeighami as saying that swapping other oil products, such as furnace oil, is currently underway with the Caspian Sea littoral states.

Between 15,000-30,000 barrels of crude oil is swapped per day despite sanctions against the Islamic Republic's oil industry, the official noted.

The EU banned importing Iranian crude oil and covering insurance for Iranian oil carrying tankers for European companies. EU insurance companies cover about 95 percent of tankers in the world.

The main reason is the Western sanctions on Iran's oil and petrochemical export sector, as well as the lack of LPG carrying ships in Iran. According to an OPEC report, Iran has only one LPG carrier with 12,000 cubic meters capacity.

EU companies that cover 95 percent of oil and petrochemical ships' insurance, have halted providing services for ships that transport Iranian oil or LPG.

Subscribe to Trend in Google News! Subscribe
Better future awaits Karabakh Armenians as citizens of Azerbaijan after opening of Fuzuli Int'l Airport - Russian expert
Better future awaits Karabakh Armenians as citizens of Azerbaijan after opening of Fuzuli Int'l Airport - Russian expert
Chronicles of Victory: President Ilham Aliyev interviewed by Russian Interfax agency on October 28, 2020 (PHOTO/VIDEO)
Chronicles of Victory: President Ilham Aliyev interviewed by Russian Interfax agency on October 28, 2020 (PHOTO/VIDEO)
Chronicles of Victory: October 28, 2020
Chronicles of Victory: October 28, 2020
Loading Bars
Latest
Turkey reports 26,896 daily COVID-19 cases
US tells Iran ‘window will not remain open forever’ to revive nuclear deal
Portugal's parliament rejects budget, snap election looms in 2022
Better future awaits Karabakh Armenians as citizens of Azerbaijan after opening of Fuzuli Int'l Airport - Russian expert
Chronicles of Victory: President Ilham Aliyev interviewed by Russian Interfax agency on October 28, 2020 (PHOTO/VIDEO)
Chronicles of Victory: October 28, 2020
Blinken says he ordered reviews of State Dept's evacuation efforts out of Afghanistan
Moderna COVID shot could be used in U.S. children, teens within weeks
London launches Europe's biggest scheme to drive polluting vehicles off roads
14th batch of Sputnik V vaccines delivered to Iran Embassy in Moscow
Tariffs for renewable energy drop in Kazakhstan
GD leaders address supporters, promise Georgia's development
Opening of Fuzuli Int'l Airport landmark event for Azerbaijan and dev't of region- Russian expert
Japanese Noritsuisu Co. Ltd preparing to launch new project in Uzbekistan
Kazakhstan’s mining company opens tender on spare parts for truck
Uzbekistan to build its first digital control system substation
Turkey unveils its economy sectors attracting foreign investors
Azerbaijan reveals TOP-10 banks in terms of income for 3Q2021
Azerbaijan’s TOP-10 banks in expenditures terms for 3Q2021 revealed
TBC Bank to financially support Georgian farmers
Kazakhstan draws up national project for energy complex dev’t by 2025
Kazakhstan discloses deterioration degree of local power grids
Cairo-Moscow flight returns to airport due to suspicious message in cabin
Norwegian Air to lease 13 Boeing planes
McDonald's sales soar on higher prices, newer menu items
Iran supports development of constructive relations with Azerbaijan - FM
Iran’s PMO declares volume of essential products available in ports
TOP-10 Azerbaijani banks in terms of net profit for 3Q2021
Azerbaijan inks new deals with several states on investment in its Alat FEZ - ministry
Kazakhstan increases mobile internet speed in September
IMIDRO reveals data on iron ore concentrate production in Iran
Renaissance Capital forecasts inflation in Georgia to slow down
Azerbaijan talks possible vaccination of adolescents prone to catching COVID-19
Kazakhstan considering introducing carbon tax
India, Kyrgyzstan hold first strategic dialogue, discuss Afghanistan
Uzbekistan Railways modernizing railway carriages to increase passenger traffic
Japanese TEPCO plans to continue investment in Georgia's energy sector
Iran’s Bahar Azadi gold coin price rebounds
Iran`s TEDPIX on the rise after week of decline
Teva Pharm Q3 profit misses estimates, to sell $4 bln in bonds
OPEC ready to strengthen co-op with Turkmenistan
Kazakh Energy Ministry working on building nuclear power plant
Uzbek Ministry of Finance to cancel fees for purchase of used cars in 2022
Indian Railways changes policy, PSUs to now compete in open market for tenders
Turkey's leather exports to Iran up in value for 9M2021
Azerbaijan confirms 2,300 more COVID-19 cases, 1,248 recoveries
Azerbaijan shares data on number of vaccinated citizens
Georgia and Spain eye to launch direct flights between capitals
Azerbaijan, WB ink new loan agreement
Iron ore concentrate production by giant Iranian companies up
Turkmenistan starts experimental growth of papaya in Mary region
IMF revising India's growth forecast is 'gross under estimation': N K Singh
Turkish KOSGEB talks interest in implementing projects in Azerbaijan's Karabakh
Decarbonization of economy to transform Kazakhstan’s fuel and energy complex – minister
Kazakhstan's trade indicators with EAEU member states for 8M2021 unveiled
Kazakhstan records decrease in renewable energy tariffs
Bank Keshavarzi Iran provides loans for construction of greenhouses
State Grain Fund of Azerbaijan transferred to jurisdiction of State Reserves Agency
Azerbaijani President Ilham Aliyev congratulates President of Czech Republic
Iran resumes rice imports
Israel government foreign currency bonds to trade on Tel Aviv bourse
Putin, Finnish president to discuss bilateral cooperation, global issues — Kremlin
Uber partners with Hertz to offer 50,000 Tesla rentals to U.S. ride-hail drivers
Turkmenistan and Iran to expand trade ties
Equinor slightly reduces equity production of liquids and gas
Nar upgrades another sale and service center (PHOTO)
Achieving carbon neutrality in Kazakhstan requires big investments - minister
Amount of loans issued by Bank Keshavarzi Iran increasing
Azerbaijan’s liberated lands to soon become example of modern production for entire region – Erdogan
Iran reveals COVID-19 data for October 27
Equinor expects 2% increase in 2021 liquids and gas production
Iran, Uzbekistan seek to boost ties both regionally and internationally
Iran`s Raisi reaffirms will to boost ties with Turkmenistan
AIIB helps strengthen healthcare infrastructure in India
Turkmenistan, Iran discuss issues on boosting transport communication
Turkmenistan, Iran interested in intensifying contacts in regional, int’l structures
Kazakhstan, Kyrgyzstan consider resumption of passenger rail transport
Amount of addressed state social benefits proposed to raise in Azerbaijan
Iran determined to pay off gas debt to Turkmenistan – Iranian minister
2nd ICD – CIBAFI Webinar Discussed the Emergence of Cryptocurrencies and its Potential for the Growth of Islamic Finance Industry
Georgia, Poland to co-op in railway sector under EU-funded project
Kazakh gold extracting venture opens tender to buy spares
Equinor’s non-current assets drop in Azerbaijan
Saudi Arabia licenses 44 companies to open regional headquarters in Riyadh
Central Bank of Iran unveils details of oil exports
Reps of Turkish National Defense University visit Azerbaijani military educational institutions (PHOTO)
Azerbaijan may increase need criterion next year
India among top 10 in the world for cliate technology investments: report
Turkmenistan launches production of filament lamps
Azerbaijan to increase budget financing of healthсare sector in 2022
Turkmenbashi complex of oil refineries open tender for construction of hydrogen production unit
Equinor reduces liquids output from Azeri-Chirag-Gunashli
Activity of most filling stations in Iran resumed
Turkmenistan increases imports of Turkish leather goods
Turkey discloses cargo traffic via local ports from US in 9M2021
Iran shares data on electricity generation of Manjil Wind Power Plant
Turkey-Azerbaijan trade turnover for 9M2021 revealed
SOCAR announces planned works at Baku Oil Refinery
Kazakhstan slightly increases raw sulfur production volumes
BSTDB reveals portfolio of signed operations in Azerbaijan (Exclusive)
All news