Iran launches LPG storages constructed by IRGC firm
Iran has built domestically liquefied petroleum gas (LPG) storages and launched them as part of South Pars gas field's 13th Phase, Fars News Agency reported, citing Pars oil&Gas Company's announcement on Thursday.
These are two 45,000 cubic meter-capacity propane and two 35,000 cubic meter-capacity storages, which were built by the Khatam al-Anbia construction firm belonging to The Islamic Revolutionary Guard Corps (IRGC).
Statements about launching LPG storages came amid Reuters reports of Oct.31, which said Iran's LPG exports has halved because of the EU new round of sanctions on Iran.
Before the sanctions, Iran exported almost four million metric tons a year, worth over $4 billion at current market prices.
Iran has launched crude oil storage several months ago due to drop in its crude oil export. Country's oil exports have fallen from 2.2 mbpd in late 2011 to 860,000 barrels per day in September, the IEA reported on Oct.12.
The EU banned importing Iranian crude oil and covering insurance for Iranian oil carrying tankers for European companies. EU insurance companies cover about 95 percent of tankers in the world.
Last month EU adopted new round of sanctions against Iran, aimed to curb Iran's disputed nuclear program. These included a ban on importing and transporting Iranian gas, as well as financing gas sales.