Iran's gas exports soar, more than doubles in 7 months: TPOI

By Al Mayadeen English
Source: Agencies
26 Dec 2023 23:27

Iran has seen a 139% increase in the value of gas exports and a 115% increase in weight.

A view of the South Pars gas field facilities near the southern Iranian town of Kangan on the shore of the Gulf on January 22, 2014 (AFP via Getty Images)

Between March 21 and October 22, 2023, Iran's gas exports surpassed $2 billion, reflecting a remarkable 139% increase compared to the corresponding period in the previous year, as reported by the Trade Promotion Organization of Iran (TPOI).

During the same period last year, from March 21 to October 22, 2022, Iran exported gas worth more than $1 billion, according to TPOI.

Meanwhile, the Iranian organization reported that Iran exported 7.55 million tons of gas during the first seven months of the current Iranian calendar year (March 21 to October 22, 2023). This reflects a 115-percent increase in weight compared to the corresponding period last year.

Each ton of Iranian gas, valued at $304 in 2022, experienced an 11-percent growth, reaching $336 in 2023.

It is worth noting that Iran, a significant oil-producing nation, boasts some of the lowest fuel prices globally. Iranians can purchase up to 60 liters (16 gallons) per month with a card, enjoying a subsidized rate of 15,000 rials (approximately 3 US cents) per liter. The country is home to around 33,000 gas stations.

Iran signs $80bln worth of oil deals with foreign investors: Tehran

Back in April, Iran signed more than $80 billion in memoranda of understanding with international investors to participate in the financing of oil projects, with more than $5 billion transformed into contracts.

Tehran estimates that it is the holder of the world’s largest oil and gas reserves combined, and at current recovery rates, it can continue to produce hydrocarbon resources for another century, though sustainable production in the industry requires investment and the use of sophisticated equipment.

Ever since Iran gained complete autonomy following its 1979 revolution, the country has been the target of excruciating sanctions imposed by the West.

Since Washington withdrew in 2018 from the 2015 Iranian nuclear deal, also known as the Joint Comprehensive Plan of Action (JCPOA), it reimposed harsh unilateral sanctions against Tehran and its oil exports and revenues, with only a few countries purchasing Iranian crude.

In early February, Iranian President Ebrahim Raisi pointed out that the increase in Iran's oil sales and production are things that anger its enemies.