Iran’s yearly liquefied petroleum gas export surges by 28 percent
(MENAFN) Last year, Iran emerged as the leading supplier of Liquefied Petroleum Gas (LPG) in West Asia, witnessing a remarkable surge in exports by 28 percent to surpass 11 million tons, as reported by consultancy Facts Global Energy (FGE) through an analysis of ship tracking data and market intelligence. Bloomberg further noted that FGE anticipates this upward trend to persist, with exports projected to exceed 12 million tons in the current year.
This significant increase in exports can be attributed to the growing production from Iran's South Pars gas field, coupled with expanded shipping capacity between Iran and China. Notably, Iran exported 4.71 million tons of LPG in the first half of 2023, according to data released by S&P Global Platts. However, there was a slight decline in exports in June compared to May, with around 696,000 million tons shipped, reflecting a 28.5 percent decrease.
Despite facing sanctions, Iran's LPG exports predominantly find their way to China, facilitated by Chinese shipowners who have bolstered their fleet of very large gas carriers. These developments have enabled Iran to maintain its position as a major supplier in the global LPG market, notwithstanding international sanctions.
Nevertheless, it's evident that Iran's LPG exports could potentially reach even higher levels if not for the restrictions imposed on international shipping and trading firms due to sanctions. The removal of these barriers would enable Iranian exporters to regain access to global markets fully, further boosting the country's export capacity and economic prospects in the LPG sector.
MENAFN07042024000045015839ID1108067280
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.