Iran’s gas condensate exports nearing zero

Business Materials 30 September 2019 10:29 (UTC +04:00)

Baku, Azerbaijan, Sept. 30

By Elnur Baghishov - Trend:

Iran’s gas condensate exports have neared zero due to the US sanctions against Iran, said Hamid Hosseini, spokesperson of Iranian Oil, Gas and Petrochemical Products Exporters’ Association (OPEX), Trend reports citing the Mizan news agency.

He said that according to statistics on the five months (March 21 - August 22) of this Iranian year (started March 21, 2019), Iran’s gas condensate exports declined by 9 percent.

He added that only a few countries including China, South Korea, the UAE and Japan, were buying Iran’s gas condensate.

Commenting on the failure to sell gas condensate at the Iranian Energy Exchange (IRENEX), he said that foreign companies show no interest in participating in the IRENEX.

“Besides, Iranian production companies also have a number of restrictions and sales problems,” he noted. “Therefore, it is expected that gas condensate won’t be sold at the energy exchange in the near future.”

Last summer there was a strong devaluation in Iran. Thus, the price of $1 went up from 35,000 rials to 200,000 rials, according to the official exchange rate. Presently, $1 equals to 114,000 rials in the black market in Iran.