Iranian Oil and Gas Company begins exporting to the UAE
Iran’s South Pars Oil and Gas Company recently exported its first consignment of gas liquids extracted from the South Pars gas field. The company exported 40,000 tons, worth eight million dollars from the Assaluyeh port in the province of Bushehr to the United Arab Emirates (UAE), IRNA reported.
Since February, South Pars has yielded 590,000 barrels of gas liquids of which 500,000 barrels are set aside for exports. The field’s output is expected to reach 50 million cubic feet gas per day and 80,000 barrels of gas liquids as well as 400 tons of sulfur per day by October.
Eager for its national economy to be freed from reliance on volatile oil prices, Iran is looking at ways to capitalize on its huge gas reserves, currently estimated at about 26 trillion cubic meters. Iran holds the world's second-largest proven gas reserves after Russia, with more than a 15 percent stake in the world's total proven reserves. — (menareport.com)
© 2002 Mena Report (www.menareport.com)