DUBAI: Iran’s exports of condensates amounted to more than $1 billion in the last month, a customs official was quoted as saying on Saturday, softening the blow of Western sanctions on its crude oil sales.
Much of Iran’s condensate sales have been shipped across the Gulf to Dubai.
“(Between Sept. 22 and Oct. 21) $1.067 billion worth of gas condensates of South Pars were exported out of the country through the Pars Ports Complex,” said Ahmad Pourheydar, head of customs in Iran’s Pars Special Zone, according to Iran’s state news agency IRNA.
“This amount of gas condensates was transported to various countries in nine shipments at a weight of more than 1.3 million tonnes.”
Iran’s condensate sales are its biggest source of income after crude and refined products, with Dubai its biggest buyer ahead of Asian buyers including China.
Western countries have sanctioned Iran’s energy and banking sectors as part of an effort to starve Tehran of revenues for its disputed nuclear programme. In the summer the U.S. tightened controls on financial transactions for importing Iranian condensate.
But Dubai is still buying the oil while U.S. officials encourage the Dubai-government-owned Emirates National Oil Company (ENOC) to find another source of supply.
Dubai’s condensate imports from Iran are up nearly 20 percent from last year, according to estimates by some market analysts, with ENOC continuing to bring in Iranian supply in barter deals, Gulf industry sources familiar with the matter said.
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