- Iranians holding Ashura mourning for Imam Hussein
- Third step: Iran officially informs EU of plan to expand nuclear R&D
- Iran expands nuclear R&D program: Rouhani
- Iran goes ahead in space tech, despite US sanctions: ISA
- Resistance Front undermining Israeli regime power: Top commander
- Iran: 7 crew members of detained UK ship freed
- US addiction to sanction threaten its power: Iran’s Zarif
- Dutch role in 2007 Stuxnet attack on Iran’s nuclear site under scrutiny: Iraian FM Spox.
- Iran: ‘Sustainable Security 2019’ kicks off in Caspian Sea
- Iran’s Zarif leaves Tehran for Moscow
- Shiraz University ranked 1st in liver transplantation: Iranian health official
- Japan’s Abe to meet Iran’s president to discuss easing tension in region
- Downing of US spy drone shattered war threats against Iran: Top IRGC commander
- IAEO head reports development of first ion-therapy hospital in west of Asia
- Iranian Taekwondo team wins 2019 World Cup championship
- US sanctions failed to force Iran to buckle: Report
- Crew fixing Iran oil tanker broken down in Red Sea
- As Iranians hold nerves, US seeks to scare off trade
- Leader expresses concern about Kashmir, urges India to follow fair policy toward Muslim-majority region
- Iran saffron exports down due to smuggling, government restrictions: Exporter
- Iran FM warns US against ‘serious miscalculation’ in Persian Gulf
- Iran’s resistance policy led to release of oil tanker: MP
- Iran in reverse brain drain as top students come home in rising numbers
- Iran official calls for compensation for tanker seizure
- Iran hails N Korea for standing against ‘unilateral’ US demands
- Shia Muslims celebrate Eid Al-Ghadir
- North Korea praises Iran’s anti-US struggle
- Zarif says to meet French president Friday
- Iranian court hearing case of UK oil tanker
- Over half of Japanese voters oppose joining US-led anti-Iran coalition in Persian Gulf: Poll
- IME trade ups by 21 percent in July
- Finland backs INSTEX in defiance of US
- US anti-Iran policy in high seas harms Europeans: LA Times
- Iran, China confer on Syria
- Iran, Finland share views on Persian Gulf dialogue forum: Zarif
- Iran warns US against seizure of oil tanker
- Iraq eager to benefit from Iranian Police’s experience
- Iran planning 3rd step to reduce nuclear commitments: Spokesman
- Leader grants clemency to over 1,000 Iranian inmates
- Registration for Arbaeen Pilgrimage to begin in Iran on Friday
- Iran, Iraq agree to reopen Khosravi border crossing
- Iran deplores suicide attack at Kabul wedding hall
- Iran to hold int'l hand-woven carpets expo
- Zarif meets with Iran-Kuwait Friendship Group members
- Adrian Darya oil tanker not under any sanctions, says Iran envoy
- ‘Iran to stay in nuclear deal as long as its interests are met’
- India envoy happy with positive trend of trade with Iran
- Iran’s annual export of white meat tops 2.5m tons: Minister
- Iranian scientist discovers new state of matter
- Iran, Japan diplomats discuss bilateral ties
- Iran, Ansarullah, European representatives Yemen developments
- ‘Iran to become self-sufficient in producing aircraft engines'
- US issues seizure warrant for Iranian supertanker 'Grace 1'
- Neanderthal tooth unearthed near Iran’s Zagros mountain
- Iran’s Zarif due in Kuwait on Saturday
- US faces humiliating defeat after Gibraltar releases Iranian tanker: Envoy
- Spokesman rejects claim on Iran’s commitment in exchange for tanker release
- Zarif reacts to release of Iranian tanker in Gibraltar
- Israel, UAE engaged in secret talks on Iran arranged by US: Report
- US threatens visa ban as Iranian-operated tanker sets to sail from Gibraltar
- Enemies must factor Iran's global power in their calculations: IRGC's chief commander
- Trump’s administration conflicting messages to Iran baffle go-betweens: Report
- Gibraltar releases Iran-operated tanker despite US pressure
Tehran, 26 May_Iran is about to stop exporting gas condensates and instead process the ultra light oil in its new refineries to produce higher-value chemicals, Minister of Petroleum Bijan Zangeneh has said.
Iran exported much of its condensate to Asia, with South Korea and Japan being major customers, but US sanctions in 2018 led to a sharp decline in the exports.
The sudden halt meant Iran had to store large volumes of condensate in oil tankers, incurring high demurrage costs, but the country largely avoided the expense and disruption thanks to the operation of two major refineries in the country.
Zangeneh said on Monday all Iranian condensate exports will stop in the current Persian year that ends in March 2021. They will be processed in the Persian Gulf Star and Siraf condensate refineries to produce gasoline and naphtha.
Naphtha is a gasoline blending component and a feedstock for plastics and other petrochemical products. Asian customers favor Iran’s South Pars condensate for its rich naphtha yield compared to other grades.
South Korea was the biggest client of Iranian condensate with 300,000 barrels per day (bpd), but the country stopped the imports even before the US sanctions came into effect in November 2018. The United States is reportedly pushing its condensate and also naphtha on South Korea.
Before February, about 130,000 bpd of Iran’s gas condensate was used in its petrochemical plants, while another 80,000 bpd went to domestic condensate refineries not including the Persian Gulf Star.
The Persian Gulf Star Refinery currently receives 420,000 bpd of gas condensates. Its third phase was opened in February which made Iran self-sufficient in gasoline. The completion of the fourth phase will open another 60,000 bpd capacity for condensate feedstock.
Iran is building another refinery, the $2.8 billion Siraf plant, with a capacity to process 360,000 bpd of gas condensate. It includes six processing units, each with a capacity to turn 60,000 bpd of condensate into better value-added products.
The country expects its condensate production to hit 1 million bpd.
The launch of the Persian Gulf Star Refinery’s third phase in February also raised the overall gasoline production capacity to 105 million liters a day.
Your Comment