With a 30% increase in Iran’s LPG exports to China this year, new figures show the export of LPG will exceed 6 million metric tons as sanctions are lifted.
Iran will be upping its liquid petroleum gas exports this August which will place the level of gas exports to China at a 30 percent increase.
New figures by the energy and metals information provider Platts show that by the end of August, Iran’s liquid gas export to China will reach 406,000 million metric tons, and its exports to neighboring country Iraq will hit 50,000 million metric tons.
The figures by Platts also indicate that a 44,000 million ton LPG cargo from Iran is sailing in the Singapore waters on way to China.
Iran’s LPG exports to China are almost one-third above the country’s average monthly liftings in the first seven months of this year, which equals to a 30 percent increase.
Meanwhile, Iran’s LPG sales in the first eight months of 2015 will reach 2.6 million metric tons. Last year, the country’s LPG exports amounted to 3 million metric tons. Before Western sanctions were intensified against Iran in 2012, the country exported 4 million metric tons of LPG worth about $4 billion a year, mostly to South Korea and Europe.
Following the nuclear deal recently reached between Iran and the 5+1 in July and the lifting of international sanctions, the Islamic Republic could raise LPG exports to 4 million metric tons a year.