Page 48 - IRANRptMay20

Iran sells products on IRENEX
waters, has been hampered by US sanctions that in August 2018 put an end to French energy major Total’s participation in planned South Pars hydrocarbon extraction. Last October, ​Tehran announced​ ​that the China National Petroleum Corporation had also withdrawn from its role in helping to develop the giant field.
Platform 14D was shipped from the Sadra shipyard to its offshore location. Its operation should add 500mn cubic feet (14.2mn c/m) of gas to Iran’s South Pars output, according to Pars Oil and Gas Company (POGC), which is solely in charge of South Pars development.
Mohammad Mehdi Tavasoli-Pour, manager of Phase 14, said it was anticipated that production of 56 mcm/d of rich gas would be extracted from the South Pars phase he manages.
A previous platform, Platform 14B, was installed in mid-July last year. It was built over the course of 115 months by Iranian firms.
The first Phase 14 platform, 14A, started operations during summer 2018. The second platform to go operational, 14C, went into service in October 2018.
Iranian state broadcaster IRIB reported that the National Iranian Oil Co. (NIOC) had sold 450,000 tonnes of oil products to foreign buyers over the Iran Energy Exchange (IRENEX) in February. I​t said that the goods were valued at a total of $160.6mn.
The report said that the products were: 168,000 tonnes of gasoline ($64.3mn), 162,500 tonnes of gasoil ($73.9mn), 20,000 tonnes of kerosene and 50,000 tonnes of liquefied petroleum gas (LPG). Values were not given for the kerosene and LPG.
Tehran has been experimenting with selling crude over the exchange in response to the US ramping up pressure on Iranian oil customers to reduce shipments, with oil products joining the slate in recent months. It has held offerings of light and heavy crude on IRENEX since October 28 last year as it tries to provide a variety of sales mechanisms to appeal to buyers.
In an effort to entice more buyers, the Ministry of Petroleum (MoP) cut the minimum purchase order for the June 11 offering from 35,000 barrels to 1,000 barrels for land delivery, while the clearance period for payments has been extended from 60 days to 90. Cargoes can either be delivered by sea at the Kharg Island terminal or by land at the Tabriz Refinery.
NIOC offered 2mn barrels of gas condensate on June 3 at $67.14 per barrel, with the minimum purchase noted at 1,000 barrels.
The amendments to the purchase and payment terms are nothing new. An amendment to the Iranian budget was approved on February 17, requiring the Ministry of Petroleum (MoP) to offer 2mn barrels per month of light crude on IRENEX. This came in addition to the 2mn barrels of heavy crude oil and 2mn barrels of natural gas condensates and natural gas the ministry was already obliged to supply to the exchange.
9.2.2 ​Automotive corporate news
Largest Iranian automaker Iran Khodro Company (IKCO) has announced that it has developed its first six-speed gearbox transmission, just days after ceasing production temporarily, IRIB has reported.
Production has all but ceased at IKCO and at its main rival SAIPA’s sites due to the coronavirus emergency.
Videos showed top IKCO engineers explaining the technical specifications of the gearboxes to Ali Aqamohammadi, an economic adviser to Iran’s top cleric Ayatollah Sayyed Ali Khamenei.
48​ IRAN Country Report May 2020 www.intellinews.com