Iranian exports continue to swell

Iran

TEHERAN , February 29, 2016 – Iran’s hydrocarbons exports totalled 1.75 million boepd over the past Iranian month, which ran from January 21 to February 19, Iranian Minister of Petroleum Bijan Zangeneh said on Monday, adding that this represented a 400,000-bpd year-on-year increase.

Speaking to Iranian news agency Shana, Zangeneh touched upon crude exports to South Korea, saying he anticipates shipments to double before the end of 2016. “South Korean officials have pledged to bring their imports of Iranian crude oil and gas liquids to a level higher than they were before sanctions during 2016,” he said.

Iranian exports included light hydrocarbons liquids from the country’s South Pars field destined for Hanwha Total Petrochemicals, the first of its kind of shipment to the South Korean company, Bloomberg reported on Monday. A joint venture between France’s Total and Korean conglomerate Hanwha, the petrochemicals company used to purchase its condensate from Qatar, which shares the North Dome/South Pars gasfield with Iran.

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