Iran’s LPG output increases by 47%

Business Materials 6 January 2016 17:29 (UTC +04:00)

Baku, Azerbaijan, Jan. 6

By Umid Niayesh - Trend:

Gas refining companies affiliated with the National Iranian Gas Company (NIGC) produced more than 2.05 million tons of LPG in the first nine months of current fiscal year (March 21-Dec. 22, 2015), Abdolhossein Samari, NIGC's deputy managing director for operations said.

The figure indicates a rise by 47 percent compared to the corresponding period of last year, Samari said, the oil ministry's official SHANA news agency reported Jan. 6.

The country's gas output also witnessed an increase by four percent to a total of 125.1 billion cubic meters (bcm) during the nine-month period, Samari added.

Ethane production amounted to 1.165 million tons in the period, six percent more year on year, he said.

Samari further said that some 711,000 tons of sulfur as well as 22.1 million cubic meters of condensates were produced as well during the first nine months of current Iranian fiscal year.

Islamic Republic possesses the world's largest proven natural gas reserves, at 34 trillion cubic meters, or 18 percent of the world's total proven reserves.

Iran's oil minister Bijan Namdar Zanganeh earlier said that the country's natural gas production capacity will climb to one billion cubic meters per day in four years' time.

He said the ministry's first program is to increase crude oil and gas condensate production capacity. To that effect, the natural gas export will amount to 80 billion cubic meters by 2022.