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Iran minimizes oil on water storage

An oil official reported on a significant reduction in Iran’s storage of light oil on water as majority of stored cargos have been deployed to global markets.

Iran minimizes oil on water storage
(Thursday, October 20, 2016) 23:32

Executive Director for International Affairs at National Iranian Oil Company (NIOC) Seyyed Mohsen Ghamsari said the country’s volume of gas condensate exports has hit more than 600 thousand barrels per day.

The official, while noting that exports volume of gas condensate currently exceeds production levels, said “previously, the produced Iranian gas condensate was stored in 20 oil tankers.”

He underscored that the volume of stored gas condensate has experienced a substantial reduction thanks to the uplift in exports of the petroleum product; “marketing measures have been taken in order to gradually deploy all stored gas condensate to global markets.”

Ghamsari also explained that all amounts of Iranian crude oil which are being stored in water have specific costumers.

In time with operation of new South Pars phases and the rise in gas condensate production, the storage level of the petroleum product, also known as light oil, was elevated significantly.

Accordingly, with the initiation of the post-JCPOA period, Iran had stored around 40 to 50 million barrels of gas condensate in more than 20 giant oil tankers in the Persian Gulf mainly due to lack of customers.

Recently, Masoud Hassani, Managing Director of South Pars Gas Complex, referred to the latest status of gas condensate production and exports at South Pars phases explaining “in the first six month of the current Iranian calendar year (began March 20), more than 76 million barrels of gas condensate have been deployed to world markets.”

Also, Managing Director of Iran Oil Terminals Company (IOTC) Seyyed Pirouz Mousavi, said exports capacity of gas condensate will rise in the country with implementation of three terminals as well as construction on eight storage tanks at Assaluyeh terminal.

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