“Iran exported over 1.6 million tons of petrochemicals and gas condensates from South Pars, worth more than $580 million,” Ahmad Pourhaydar was quoted as saying by IRNA.
The numbers show 39% rise in volume and 5% spike in the value of exports compared to last year.
Despite the new US sanctions, Pourhaydar said the petrochemical industry is moving forward in production and export, Financial Tribune reported.
Methanol, propane, butane, polyethylene, ammonia, sulfur, ethenylbenzene, vinylbenzene, and phenylethene accounted for the largest share of exports destined mainly for China, India, South Korea, Turkey, Egypt and Japan.
The United States reimposed sanctions in November 2018 on Iranian oil exports after Donald Trump last spring unilaterally pulled out of a 2015 landmark deal six world powers had signed with Iran.
The US hit the Persian Gulf Petrochemical Industries Company with sanctions last month to choke off financing for PGPIC, which is the largest and most profitable petrochemical group with 39 subsidiaries and several foreign agencies.
JPC Revenues Up
In related news, the National Petrochemical Company news agency quoted Jam Petrochemical Company’s public relations office as saying that the firm’s revenues increased 87% in the first half of the current fiscal year (started March 21) compared to last year.
The company (in Bushehr Province) earned $69 million in the period. Of the total volume of sales at 901,000 tons, 75% or 681,000 tons were bought by domestic companies and the rest was exported.
According to Hassan Mirafzali, managing director of the company, JPC has spent $28 million on environmental and safety protection projects to help safeguard the environment against industrial pollution.
JPC produces a wide range of goods, one on which is a high density grade of polyethylene used for producing PE100 pipes that have higher long-term durability and are used for oil, gas, water and wastewater pipelines.
Production Hub
The world’s largest gas field shared between Iran and Qatar, South Pars is at the center of energy production in Iran. It is also the non-oil export hub for petrochemicals and gas condensates.
In addition to the giant gas field, PSEEZ is home to 16 petrochemical plants that produce 20 million plus tons of petrochemicals a year mainly for export.
Data for 2018 show a rise in production of a variety of byproducts, namely ethane (42%), liquefied petroleum gas (35%) and sulfur (35%), compared with the year before.
South Pars accounts for 96% of LPG, 100% of ethane and 55% of sulfur produced in the country.
The gas field was developed in 24 phases, of which 22 are operating and Phase 14 is under construction. Production from the field has surpassed 630 million cubic meters per day.