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Liquified natural gas imports will be limited to 80 shipments worth $1.8 billion in 2017 18 in anticipation of Zhor'.s completion by late 2017.

Oil exports are expected to reach up to 2.5 million bpd within five years.

The first preliminary agreement calls for constructing two polyethylene units plus an ethane cracker unit to convert ethane to ethylene.

PGPIC is Iran'.s largest petrochemical company with over 60 subsidiaries. owning more than 11% of Iran'.s capital market.

Under the agreement OPEC is curbing its collective oil production by about 1.2 million bpd.

According to SHANA. the new oil deals based on Iran Petroleum Contract (IPC) is expected to replace buy-back contracts.

Petrochemical sales account for 34.7% of Iran’s non-oil exports and 39.1% of industrial exports in terms of value in the period.

Iran (34 trillion cubic meters) and Russia (32.6 tcm) hold the largest proven gas reserves.

Officials place condensate exports between 600.000 and 700.000 barrels a day.

While the impact of these imports has eased as more gas supplies have come on to the world market and prices have fallen. they are an uncomfortable reminder of Japan’s energy dependence. But a solution may be at hand. in the form of methane hydrates.