9 May 2016 - 11:31
  • News ID: 260313
Argus Opens Bitumen Conference in Tehran

TEHRAN, May 09 (Shana) Argus, a leading supplier of market statistics and pricing of petroleum products, launched its fisrt conference on bitumen and LPG in Tehran on Monday.

Crowded by the representatives of dozens of internationally renowned companies active in liquefied petroleum gas (LPG) and bitumen trade, the conference was officially inaugurated by Safarali Keramati, deputy director of international affairs of national Iranian Oil company (NIOC).

In his keynote speech Keramati Underlined Iran as one of the biggest and most reliable suppliers of LPG, bitumen and base oils, adding that Asia makes a significant part of Iran’s export market for these commodities.

He said Iran never lost its LPG market share even under the US led sanctions on its nuclear program, but of course the removal of sanctions greatly and positively impacts the countries presence in international markets.

The official said however that the introduction of shale oil and gas by to US in the global market has negatively affected the LPG market for traditional suppliers.

Bright future awaits LPG market

Keramati says about 20 very large crude carriers (VLCC) are to sail the international waters by 2017 that will be a very good news for traders of LPG and bitumen.

Iran currently produces 8 million tons of LPG annually of which three million tons comes from natural gas, 2.5 mt comes from petrochemical plants and the rest is supplied by refineries across the country, he added.

Iran is developing enormous infrastructural projects in Asaluye sand Bandar Abbas that will dramatically boost its export capacities, Keramati said

He further added that inauguration of south Pars phases will almost double the countries LPG output. He further called on foreign countries and investors to bankroll construction of a major industrial oil plant in Iran that will make the country one of the world’s biggest finished product suppliers.

The conference was the inaugural event of Argus commodity week of Iran.

News ID 260313

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