TEHRAN - The engineering director of the South Pars Gas Complex Seyyed Mehdi Shafiei Motahar has said that that the preparations for equipping the LPG export jetty for the National Iranian Gas Company (NIGC) in South Pars have been put on the agenda, adding that with its completion, the export of liquified petroleum gas (LPG), propane and butane in this complex will accelerate.

Shafiei Motahar said: “With the presence of a group of managers and experts of the Iranian Gas Engineering and Development Company, preparations were made to equip the export jetty for LPG, propane and butane for NIGC in South Pars region.

He added: “In the visit and specialized meeting, which was attended by the special representative of the international affairs department of NIGC, experts of the special region and the National Petrochemical Company (NPC), the most important solutions and specialized cases for the start of equipping the export jetty of NIGC were presented and reviewed.”

The engineering director of South Pars Gas Complex stated: “Feasibility cases and roadmap for equipping and constructing a new LPG pipeline, in line with the timely export of products and reducing the time required for berthing and loading the vessels, were presented and compiled by the engineering management of South Pars Gas Complex.”

Shafiei noted: “By speeding up the operation of equipping this export jetty, export of strategic data-x-items from South Pars Gas Complex will accelerate in the near future and bring prosperity to the country’s economy.”

 

Iran Ups Oil Prices for Asia

 

 Iran has raised the official selling price (OSP) of its Light crude oil grade for Asian buyers, a report says.

An industry source with knowledge of the matter said on Wednesday that Iran had set its crude oil price $2 a barrel above the Oman/Dubai average for March, 20 cents higher from the previous month.

The raise comes as optimism over Chinese demand. Analysts expect China’s oil imports to hit a record high in 2023 to meet increased demand for transportation fuel and as new refineries come on stream.

The mark is also watching the fallout from Russia’s plans to cut oil production by 500,000 barrels per day (bpd), equating to about 5% of its output, in March after the West imposed price caps on Russian oil and oil products.

Russia is part of the OPEC+ producer group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies, which agreed in October to cut oil production targets by 2 million bpd until the end of 2023.

A Feb. 19 note by Goldman Sachs analysts said future oil supply shortages are likely to drive prices toward $100 a barrel by the end of the year.

On Monday, oil prices rose over 1%, with Brent crude settling up $1.07 at $84.07 a barrel. US West Texas Intermediate crude (WTI) for March rose 85 cents at $77.19.

China is the biggest importer of Iranian crude, supported by a fleet of as many as 180 elderly tankers.

On Tuesday, Government spokesman Ehsan Khandouzi said one of the most immediate achievements of President Ebrahim Raisi’s visit to China this month was ensuring China’s energy security and guaranteeing energy markets for Iran, which will positively impact the Iranian economy.

Khandouzi added the two sides finalized agreements on eight projects to be implemented Iran. The spokesman refused to provide further details due to a mutual confidentiality agreement signed between the two sides.

The majority of trade exchanges with China is carried out in yuan, Khandouzi said, adding Beijing has welcome the use of local currencies instead of dollars and euros.