Iran’s LPG exports increase by 76%
Baku, Azerbaijan, Nov. 4
By Umid Niayesh - Trend:
Iran's LPG (liquefied petroleum gas) exports including liquefied propane and butane increase by 76.29 percent during the 7-month period from March 21 to Oct. 22 compared to the same months of the preceding year and stood at 2.067 million metric tons (Iran's fiscal year starts on March 21), the Iranian Customs Administration said in its latest monthly report released Nov. 3.
Iran has exported 1.217 million metric tons of liquefied propane worth $1.137 billion during the 7-month period which indicate an increase of 111.71 percent in volume and 115.32 percent in value respectively year on year.
The Islamic Republic's liquefied butane exports also surpassed 850,500 metric tons, worth $804.2 million during the period. This indicates an increase by 42.25 percent in terms of volume and 50.29 percent in terms of value respectively compared the same months of last year.
Despite the significant rise in Tehran's LPG exports the figures are still behind the pre-sanction levels.
Before sanctions, Iran's yearly propane and butane exports were 2.546 million metric tons ($2.066 billion) and 1.578 million metric tons ($1.326 billion) respectively.
After imposing the sanctions, the country's LPG exports decreased sharply and even stopped for a period. Iran was exporting 80 percent of the LPG to South Korea .
The U.S. and EU imposed tough sanctions over Iran's banking system as well as whose which targeted oil and petrochemical products exports in mid-2012, but some of sanctions, including petrochemical-related ones and insurance services for oil tankers have been eased due to the nuclear deal obtained on Nov. 24 and that took effect on Jan. 20.
In January 2013, Platts (an energy and metals information provider) quoted an EU Council spokeswoman as saying that the EU's suspension of its ban on insurance for shipments of Iranian oil and lifting of curbs on petrochemicals trade does not include natural gas and gas products such as LPG.
"LPG is considered a gas product by the EU and therefore remains banned under EU sanctions imposed on natural gas and gas products in 2012," the spokeswoman said.
Iran's LPG exports during the 7th Iranian calendar month of Mehr (Sept. 22- Oct. 22) stood at 251,100 metric tons, worth $204.3 million, according to the Iranian Customs Administration.
While the LPG exports indicate a rise by 1.51 percent in terms of volume, the value has fallen by 6.51 percent compared the same month of preceding year.