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Oil Ministry rejects Reuters’ claim on condensate sales to S Korea

In response to a claim made by Reuters, Iranian Oil Ministry announced that gas condensate exports to South Korea not only did not decline, but rather they soared.

Oil Ministry rejects Reuters’ claim on condensate sales to S Korea
(Saturday, January 14, 2017) 14:33

Reuters had claimed on Saturday that volume of Iran’s gas condensate exports to South Korea have plunged in January 2017.

“Apparently, the report by Reuters had been founded on observation of ships passing through the Strait of Hormuz,” the report released by Oil Ministry of Iran read asserting “meanwhile, Iran had already based several super tankers replete with gas condensate in high seas and near China from which a portion of products for sales were supplied.”

Three South Korean firms purchased over 11 million barrels of gas condensate from Iran in December, 2016 to turn the Asian country into the largest buyer of the Iranian product.

Reuters also held that South Korea had cut purchases from Iran by nearly half and taken more barrels from Qatar, a claim which is literally impossible since Iran remains unrivaled in gas condensate sector.

Iran’s exports of gas condensate through 2016 stood at an average of 611,522 barrels per day.

Natural gas extracted from gas reservoirs generally contains significant amounts of condensate, especially when large volumes of gas are recovered from the reservoir.

Natural-gas condensate is a low-density mixture of hydrocarbon liquids that are present as gaseous components in the raw natural gas produced from many natural gas fields.

During gas production at each phase of South Pars joint field, a daily average of 40 thousand barrels of gas condensate is yielded.

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