By Dalga Khatinoglu

Iran's gas condensate exports increased to 7.75 million tons during the last four months, indicating a 2.3-time increase compared to the same period last year.

Iran's fiscal year starts on March 20.

Iran's Custom Administration released its monthly report on Aug. 13, saying the country's total gas condensate export value during last four months was $5.18 billion, 1.7 times more than the same period last year.

It is not clear why Iran's gas condensate export experienced a 127 percent increase in volume, but has only a 72.3 percent increase in value, while there have not been any significant fluctuations in oil prices since last year.

However, Iran reportedly offers discounts to customers to encourage them to buy more Iranian oil.

China is Iran's biggest both crude oil and the gas condensate importer. According to the China Custom reports, this country received 630,000 barrels of Iranian oil during the first half of 2014, indicating about a 50 percent increase.

Iran's condensate and petrochemical products exports in first four months of current and last fiscal year

Iran's Custom Administration includes condensate and liquid petroleum gas (butane and propane) in non-oil export items.

The first four months of Iranian fiscal year are 31-day month each one, then Iran exported 525,000 barrels of condensate per day on average during the last four months at a price of about $80 per barrel.

The natural gas condensate is an ultra-light crude produced from gas fields.

Iran was producing a little more than 0.4 million barrels of condensate during 2013, but phase 12 of South Pars gas field came on stream early 2014.

According to the International Energy Agency's reports, Iran had above 30 million barrels of oil, including condensate stored on tankers in the first half of 2013, but director of the International Affairs Department at National Iranian Oil Company Mohsen Ghamsari said said on Aug. 5 that that Iran now has less than 5 million barrels of gas condensates storage at China's coasts to be sold to Chinese refiners gradually.

Shana News Agency reported in May that Iran exported the first condensate cargo, produced at Phase 12 of South Pars, amounted to 900,000 barrels.

According to the report, Iran exported 862,000 tons of propane, worth $687 million during the mentioned time, indicates a 130 percent and 141 percent increase in volume and value respectively, compared to the same period in the last year.

The country also exported 542,000 tons of butane, worth $535 million, shows a 65 percent and 79 percent in volume and value respectively.

Dalga Khatinoglu is specialist on Iran's energy sector and Iran News Service head in Trend Agency