0235 GMT July 13, 2020
Zanganeh said the plan is to add value to light hydrocarbons and that the exports would halt during the current Iranian year ending March 2021, spglobal.com reported.
“All these gas condensates will be refined in the Persian Gulf Star Refinery and Siraf Refinery ... to gasoline and petrochemical feedstock,” Zanganeh said.
The minister did not reveal how much Iran has been exporting.
The Persian Gulf Star Refinery currently receives 420,000 bpd of gas condensates.
The Siraf project encompasses six plants with a total refining capacity of 360,000 bpd of gas condensates.
It is located in the Persian Gulf complex, which is adjacent to petrochemical plants in the region. Naphtha can be used in olefin plants to produce plastic, among other products.
The giant South Pars Gas Field, which is shared with Qatar, is Iran’s foremost condensate producer.
Zanganeh said South Pars and other nearby fields can produce up to one mbd of gas condensates.
In early February, the minister said that about 130,000 bpd of the country’s gas condensates feed its petrochemical plants and 80,000 bpd go to domestic refineries, apart from Persian Gulf Star Refinery.
After a historic collapse into negative territory, oil prices have rebounded on the backs of OPEC+ production cuts, giving the first glimmer of an economic recovery from the COVID-19 pandemic.