Iran's OPEX spokesperson: Discounts on gas condensate make them competitive

Business Materials 30 September 2019 10:55 (UTC +04:00)

Baku, Azerbaijan, Sept. 30

By Elnur Baghishov - Trend:

Discounts on raw material prices for gas condensate production facilities in Iran may make them more competitive in the international markets, said Hamid Hosseini, spokesperson of Iranian Oil, Gas and Petrochemical Products Exporters’ Association (OPEX), Trend reports citing Mizan news agency.

He said that the rise in gas condensate prices as a result of devaluation in Iran made their competition in international markets difficult.

He added that only 10 percent of 300 companies operate in the gas condensate production sector in Iran, while others stopped operating due to problems with prices.

“The production capacity of gas condensate has increased in Iran,” he said. ‘Presently, 800,000 barrels of gas condensate are produced per day.”

He added that 360,000 barrels of this volume are used by the Persian Gulf Star Oil Company. This figure will increase by 470,000 barrels, he said.

he noted that 50,000 barrels of gas condensate are used by small factories and hydrocarbon processing facilities.