Iran boosts gas condensate, liquefied gas exports to compensate for oil revenues decline

Baku, Azerbaijan, Nov.1

By Fatih Karimov - Trend: Iran has scaled up its gas condensate and liquefied gas exports in a bid to compensate for oil revenues decline.

The country has exported as much as one billion dollars worth of gas condensate and liquefied gas since the beginning of the current year compared to the year before, Iran's Mehr news agency reported on November 1.

The current Iranian solar year began on March 21.

Iran's revenue from crude sales, the OPEC member's biggest export, dropped 30 percent because of the recent decline in global oil prices, according to President Hassan Rouhani.

"International conditions are such that the country's main source of income, i.e. oil revenues, has been cut by some 30 percent," Rouhani said. "We have to deal with the new conditions and the global economic conditions."

Mohsen Qamsari, director for international affairs of National Iranian Oil Company (NIOC), said recently that OPEC is unlikely to reduce its production ceiling when it meets in November.

He also said that an emergency meeting of OPEC is unnecessary now. "Holding a meeting now is ineffective," he added.

Masoud Hassani, managing director of South Pars Gas Refineries Company, said gas condensate production rose by 12 percent in the first half of the current year, compared to the same period in the previous year.

Iran's Custom Administration released a common report on Oct.28, saying that Iran's total non-oil exports reached $26.943 billion. The monthly "detailed report" hasn't been published on custom's official website yet, but the "detailed report" obtained and published on Iran's Donya-e-Eqtesad daily news on Oct.29 indicates that Iran's gas condensate export reached 10.849 million tons during seven months of Iran's fiscal year.

Iran includes gas condensate in non-oil exports basket.

According to latest monthly report published by the Custom Administration about the country's non-oil exports in first half on current fiscal year, Iran exported some 9.223 million tons of gas condensate.

In other words, Iran's daily condensate export during last month was 452,000 barrels per day.

Iran's crude oil export, including the gas condensate, was about 2.5 million barrels per day in 2011, but after imposing the western sanctions on Iran's oil export in mid-2012, the figure plunged to 1.07 million barrels per day (mbpd) in 2013, according to the International Energy Agency.

However, Iran's crude export rose again to about 1.2 to 1.25 mbpd in 2014 because of the easing of some western sanctions due to the interim nuclear accord achieved between Iran and P5+1, including the U.S., UK, France, Russia, China plus Germany.

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