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Exports from Iran's South Pars Field up 12%

Source: Reuters 8/27/2017, Location: Asia

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Exports from Iran’s South Pars, the world’s largest gas field, rose 12 percent over the past year, its head of customs said on Sunday, according to the Islamic Republic News Agency (IRNA). The field exported about $6.9 billion worth of gas condensate, a 28-percent increase in the value of exports of that product over the same period last year, Ahmad Pourhaydar said.

Other exports included methanol, propane and polyethylene, he added. The bulk of its products went to China, Japan, South Korea, India, Indonesia, Turkey, Egypt, the United Arab Emirates and Kuwait.

France’s Total signed a deal with Tehran last month to develop phase 11 of South Pars, marking the first major Western energy investment in the Islamic Republic since the lifting of sanctions against it.

Total will be the operator with a 50.1 percent stake, alongside Chinese state-owned oil and gas company CNPC with 30 percent, and National Iranian Oil Co subsidiary Petropars with 19.9 percent.

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