Iran says its exports of gas condensate over a period of five months starting 21 March 2016 have shown a whopping increase of 76 percent compared to the same period last year.
Mehdi Yousefi, the managing director of Pars Special Economic Energy Zone, was quoted by domestic media as saying that the volume of condensate exported during the period stood at over 7 million tons. The exports, Yousefi added, earned the country about $3 billion.
The official put the total value of non-oil products and condensate exported over the same period at $7.4 billion, adding that the figure shows an increase of 36 percent compared to last year.
The exports also show an increase of 40 percent in volume compared to the same period last year.
Iran sells the bulk of its condensate to South Korea. In mid-July, the foreign media reported a major rise of 115 percent in South Korea’s combined imports of crude oil and condensate from Iran. The jump was mainly associated with the country’s interest in cheap Iranian condensate.
Iranian officials have already emphasized that the country will be given more room for maneuver in the global energy market by converting condensate to products such as naphtha, aviation fuel and diesel.
The country has announced ambitious plans to build at least eight new condensate refineries in Pars Special Economic Energy Zone. This is meant to prevent further sales of raw material in favor of selling the end products.
Once fully operational, the eight refineries will have a daily production capacity of 24,800 barrels of condensate. Other key products include 128,000 barrels of light naphtha, 148,000 barrels of heavy naphtha, 29,600 barrels of aviation fuel and 149,600 barrels of diesel.