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EghtesadOnline: There is a need to reduce the export of gas condensates because the ultra light crude can and should be processed into petroleum products with higher value-added, managing director of Tamin Petroleum and Petrochemical Investment Company (TAPPICO) said.

“Foreign companies that purchase condensates from Iran, convert the fossil fuel into gasoline and other high-value products and sell them at considerably higher prices," Mohammad Hassan Peyvandi was quoted as saying by Shana on Tuesday.

According to the official, 21 phases of South Pars Gas Field, which have become operational, produce more than 800,000 barrels of condensates every day, of which only 360,000 barrels per day will be used in the Persian Gulf Star Refinery for producing gasoline.

Recalling that gas condensates have a limited market, the official added that instead of selling 480,000 barrels of condensates per day, which will soon increase to 640,000 bpd as new South Pars phases come on stream, condensates can be converted into Euro-4 and Euro-5 quality gasoline, Financial Tribune reported.

"Gas condensates can be used as feedstock for Anahita Refinery in Kermanshah Province, Siraf Refining Park in Bushehr Province, Bahman Geno Oil Refinery in Jask, as well as Pars Refinery in Shiraz, all of which are under construction," he noted,

Peyvandi added that as soon as these projects come on stream, not only will refining capacity witness a 70% rise, reaching 3.2 million bpd, but also an effective step will be taken to use fossil fuel for manufacturing products that yield higher value added.

Iran gas condensates Tappico Iran Condensates Iran ultra light crude Iran petroleum products Mohammad Hassan Peyvandi