TEHRAN (Iran News) Speaking at a meeting with members of the Iranian Parliament’s Special Commission on Production Growth, Sakhavat Asadi revealed that South Pars Gas Complex is implementing a €200 million project aimed at minimizing gas flaring. By the end of 2025, the volume of flared gas is expected to drop below 5 million cubic meters per day.

The Pars Special Economic Zone, spanning 54,000 hectares, is Iran’s largest economic zone. It consists of Pars 1 (Asaluyeh) and Pars 2 (Kangan), while the development of Pars 3 (Northern Pars) has yet to begin.

Currently, eight refineries and 22 petrochemical plants are operational in Pars 1, while five refineries and 12 petrochemical projects are under construction in Pars 2. One petrochemical plant is already operational in this section.

South Pars is one of the world’s largest gas fields, covering 9,700 square kilometers, with one-third of it belonging to Iran and the remaining portion extending into Qatari territory. Iran has now surpassed Qatar in daily production, extracting 716 million cubic meters of gas per day from South Pars platforms.

Asadi reported that over 710,000 barrels of gas condensate are produced daily in South Pars. Of this, 450,000 barrels are transported via a 480-kilometer pipeline to the Persian Gulf Star Refinery in Bandar Abbas for gasoline production.

Since 2017, Iran’s gas production from South Pars has exceeded Qatar’s, though Qatar retains a higher cumulative extraction due to its earlier start. To date, $90 billion has been invested in upstream projects at South Pars, with each new phase requiring $5.6 billion in funding.

Currently, 76,000 employees work permanently in companies across the Pars Special Economic Zone, with an additional 15,000 to 20,000 temporary workers engaged in ongoing projects.

Pars accounts for the largest share of exports among Iran’s free trade and special economic zones. The region’s petrochemical capacity stands at 46 million tons, making up 48% of Iran’s total petrochemical production. If ongoing projects are completed, this figure could rise to 90 million tons.

In the past, Iran flared 12 to 13 million cubic meters of gas per day, but this figure has now been reduced to 8 million cubic meters. The current project, which is 60% complete, aims to bring flaring levels down further.

Additionally, a recent auction awarded four companies the rights to process associated gases, injecting methane into the national grid and utilizing other gases for various industrial purposes.

With continued investment and infrastructure development, Iran aims to maximize domestic gas processing and petrochemical production while reducing environmental impact. The suspension of gas condensate exports aligns with this long-term strategy to enhance self-sufficiency and economic growth in the energy sector.

The post Gas Condensate Exports to Halt for Two Years appeared first on Iran News Daily.

The post South Pars: Loading capacity of gas condensate to rise appeared first on Iran News Daily.

According to this report, the export of non-oil goods, with gas condensates included, hit $41.847 billion in 2013.

Also, statistics showed that the import of goods decreased in the same period and dropped from $49.709 billion in 2013 to $42.612 billion in 2018, registering a 14.3 percent decline.

The non-oil trade balance, which was a negative $8 billion in 2013, became positive and reached about $2 billion last year (ended March 20, 2019).

Exports of gas condensates was nearly reduced by half last year as compared to 2013. However, the export of petrochemicals and other products increased last year and hit about $14.25 billion.

The post Iran’s export of non-oil goods up by 6% last year: PBO appeared first on Iran News Daily.

The least possible amount for loading cargo for land transportation is 110 tons. Accordingly, purchasers can receive their cargoes for at most three months after the purchasing date.

The delivery of cargoes in other areas strictly depends on the previous approval of the National Iranian Oil Company (NIOC).

One of the main strategies that Iran chose to execute to help its oil exports afloat has been trying new ways to diversify the mechanism of oil sales, one of which is offering crude and light oil besides gas condensate at the country’s stock market.

According to this report, supply of crude oil and gas condensates in Iran Energy Exchange (IRENEX) has been put atop agenda in line with realization of policies of resistance economy based on diversifying in the sale methods and use of high capacities and capabilities of the private sector for spurring exports and export activities.

The post NIOC to offer 2mn barrels of gas condensate on Sep. 11 appeared first on Iran News Daily.

The least possible amount for loading a cargo for land transportation is 110 tons. Accordingly, purchasers can receive their cargoes for at most three months after the purchasing date.

The delivery of cargoes in other areas strictly depends on the previous approval of the National Iranian Oil Company (NIOC).

One of the main strategies that Iran chose to execute to help its oil exports afloat has been trying new ways to diversify the mechanism of oil sales, one of which is offering crude and light oil besides gas condensate at the country’s stock market.

According to this report, supply of crude oil and gas condensates in Iran Energy Exchange (IRENEX) has been put atop agenda in line with realization of policies of resistance economy based on diversifying in the sale methods and use of high capacities and capabilities of the private sector for spurring exports and export activities.

The post NIOC to offer 9th round of supplying gas condensate at IRENEX appeared first on Iran News Daily.

The cargo will be offered under the new instructions issued by the Oil Ministry for selling oil and petroleum products in the international ring of IRENEX.

The minimum purchase order has been reduced from the previous 35,000 barrels to 1,000 barrels for land delivery.

However, the minimum purchase for sea delivery is unchanged.

Buyers can receive the cargo either at Kharg Island terminal in the Persian Gulf for sea delivery or at petroleum storage tanks in Bandar Abbas if they want land delivery.

As per the current fiscal budget, the Oil Ministry is obliged to offer 2 million barrels of light crude, 2 million barrels of heavy crude oil plus two million barrels of natural gas condensates on IRENEX on a monthly basis.

Offering crude oil and petroleum products on the energy market is part of the government efforts to involve the private sector and international companies in the oil industry, which has long been under government control.

The NIOC has so far sold over 1.1 million light and heavy crude in 10 sessions since the program started last October.

The post NIOC to offer gas condensate at IRENEX with 5% discount appeared first on Iran News Daily.

After ratification of the current year’s (1398) budget bill on offering at least six million barrels of oil and gas condensates at IRENEX, offering such products at the energy market came with a regularity. Presently, crude oil and gas condensates are offered in turn at the international ring of the IRENEX, every other week.

In this report, advantages of purchasing Iranian oil from IRENEX are compared with those of conducting direct negotiations with Iranian oil ministry.

1. Purchasers’ info not disclosed

At IRENEX the purchasers’ data remain confidential and they are not even introduced to the brokers’ and brokerage networks. Each purchaser is provided with a code and does the sales under it.

2. Lower prices

The prices of the offered crude oil and gas condensates at IRENEX are lower than Brent and the international market. For example, at the fifth round of oil offering at IRENEX, crude oil was offered 14 percent lower than the time international Brent prices i.e. purchasing each 35,000 barrels of crude oil from IRENEX would bring a purchaser a profit of $500,000.

3. Payments in rial

The payment mechanism at IRENEX is rial-based which lets the foreign investors to remain safe from the sanction. At IRENEX, foreign investors have the chance to purchase oil and cooperate with Iranian private sector i.e. the Iranian private sector, who is capable of exchanging foreign currencies to rial easily, buys oil at IRENEX and delivers it to foreign investors. The Iranian side returns the earned money to Central Bank of Iran (CBI) afterwards.

4. Exports destinations unlimited

Oil buyers can export the purchased cargoes to any country across the globe, except to the Zionist regime.

5. Small cargoes

Oil and gas condensate are offered in 35,000-barrels cargoes at IRENEX, which are small ones and allow the private companies to take part in purchases. Presented cargoes by the oil ministry are larger and no company can participate in that market. At IRENEX, the buyers can receive their cargoes both through maritime routes from Kharg Island or via Iran’s land borders.

6. Participation in IRENEX easy

Iran’s oil ministry merely sells oil to known and identified purchasers or companies with good reputation and background, while at IRENEX, the only required document to enter the market is a reliable guarantee.

According to Iranian official, crude oil and gas condensates are be offered at IRENEX with a regular basis each week. IRENEX can be a golden opportunity for both Iranian and foreign investors with spot or long-term agreements.

The post Six reasons to purchase oil at IRENEX appeared first on Iran News Daily.

PSEEZ, located along the coasts of the Persian Gulf and some 570 kilometers west of the port city of Bandar Abbas, is one of the major petrochemical hubs of the country.

More than 3 million tons of non-oil commodities worth $1.298 billion were exported from PSEEZ during the 30-day period, indicating a 13% increase in volume Year on year. The zone’s products include ethylene glycol, urea, butane, propane, p-Xylene, monoethylene glycol, triethylene glycol, low-density and high-density polyethylene, natural-gas condensate, petroleum heavy ends and cement.

The region is one of the main hubs under South Pars Gas Field in the Persian Gulf. South Pars is the world’s largest gas field shared between Iran and Qatar in the Persian Gulf. The giant deposit, which is being developed in 24 phases, provides about two-thirds of Iran’s natural gas output.

The field holds an estimated 51 trillion cubic meters of gas and some 50 billion barrels of gas condensate.

Iran’s condensate output is slated to reach 1 million barrels a day upon the launch of all phases of South Pars. But Tehran has said it wants to reduce the outbound shipments of condensates and instead use fossil fuel for manufacturing goods with higher value added.

The post Pars special zone’s gas condensate exports rise appeared first on Iran News Daily.

 South Korean companies imported $101.2 million worth of Iranian crude last month, the first such move in five months, data showed Tuesday.

The post S Korea’s imports of Iranian crude exceed $100m in Jan. appeared first on Iran News Daily.

 Hyundai Oilbank Company, a major South Korean refiner, plans to import 2 million barrels of Iranian condensate this month, a person familiar with the issue said Monday.

The post Major S Korean refiners to import Iranian condensate in Feb. appeared first on Iran News Daily.