Iran condensates exports hit $1bn in Sept
Dubai, October 29, 2012
Iran's exports of condensates amounted to more than $1 billion in the last month, a customs official was quoted as saying on Saturday, softening the blow of Western sanctions on its crude oil sales.
Much of Iran's condensate sales have been shipped across the Gulf to Dubai.
"(Between Sept. 22 and Oct. 21) $1.067 billion worth of gas condensates of South Pars were exported out of the country through the Pars Ports Complex," said Ahmad Pourheydar, head of customs in Iran's Pars Special Zone, according to Iran's state news agency IRNA.
"This amount of gas condensates was transported to various countries in nine shipments at a weight of more than 1.3 million tonnes."
Iran's condensate sales are its biggest source of income after crude and refined products, with Dubai its biggest buyer ahead of Asian buyers including China.
Western countries have sanctioned Iran's energy and banking sectors as part of an effort to starve Tehran of revenues for its disputed nuclear programme. In the summer the US tightened controls on financial transactions for importing Iranian condensate.
But Dubai is still buying the oil while US officials encourage the Dubai-government-owned Emirates National Oil Company (ENOC) to find another source of supply.
Dubai's condensate imports from Iran are up nearly 20 per cent from last year, according to estimates by some market analysts, with Enoc continuing to bring in Iranian supply in barter deals, Gulf industry sources familiar with the matter said.-Reuters
More Energy, Oil & Gas Stories
- Total unit inks Elf Lubricants agreement
- Opec raises forecast for 2014 global oil demand
- Mitsui joins DME as trading member
- GE Power Conversion wins major SEC order
- Basra Light crude exports to rebound in April
- Aramco to produce unconventional gas for projects
- Alstom opens smart grid centre in Dubai
- Experts discuss key geosciences issues
- Egypt to permit factories to use coal for energy
- ME oil, gas transaction value up 15pc
- Victrex to showcase new product in Paris
- Aramco JV puts off giant refinery overhaul to 2015
- Libya threatens to bomb N Korean tanker
- Bahrain 'producing 850MW of surplus power'
- 2,000 experts for Bahrain geosciences summit
- Libyan rebels start oil exports, bypassing govt
- Dubai drilling company set for London IPO
- Opec output soars on higher Iraq exports
- S Korea to pay Iran $550m under nuke deal
- Qatar LPG exports will stay unchanged till 2018
- $14bn Bahrain energy sector focus for summit
- Iraq now world's fastest-growing oil exporter
- Old IT systems pose risk to oil firms
- Thomson Reuters adds commodity monitoring tool
- Oil below $90 to hit GCC economies
- GlassPoint appoints new Oman director
- Sheffield company opens Dubai hub
- Oman targets big rise in gas output
- Intertek buys UAE firm for $66m
- Qaiwan to tender Baizan refinery EPC contract