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Iran’s energy exchange reports record sale of LPG shipments

Iran’s energy exchange reports an annual record sale for three LPG shipment worth over $124 million.

Iran Energy Exchange (IRENEX) has reported a yearly record sale for three shipment of liquefied petroleum gas (LPG) amid reports suggesting Iran’s hard currency revenues from LPG exports have increased significantly in recent months.

The IRENEX said in a Tuesday statement that the sale earlier in the day of three LPG shipments weighing 192,000 metric tons (mt) for $124.6 million was the highest reported in the market since the start of the calendar year in late March 2022.

The statement said 12 international bidders had competed for the LPG shipments listed on IRENEX.

It said the largest shipment of the three that weighed 180,000 mt belonged to the National Iranian Gas Company.

The sale come amid reports suggesting Iran has earned more than $6.5 billion worth of revenues from LPG exports over the 11 months to late February.

Iran has increasingly relied on sales of petroleum products and petrochemicals in recent years to offset the impacts of American sanctions on its crude oil exports.

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