Archive | Oil & Gas

MoU to Accelerate Building Petchem Projects

The National Petrochemical Company (NPC) and the Iranian Mines & Mining Industries Development & Renovation (IMIDRO), have signed a memorandum of understanding to facilitate and accelerate construction of petrochemical projects in Phase I of Parsian Energy Intensive Industrial Special Economic Zone (PEIISEZ). The deal was signed on Monday by Behzad Mohammadi (NPC CEO) and Khodada […]

Iran Plans Deep Cut in Reliance on Oil Incomes

Iranian Vice President Mohammad Baqer Nobakht said a new scheme to reduce the country’s reliance on oil revenues is expected to restrict the dependence on petrodollars to only 10 percent. Nobakht, who is also head of Iran’s Plan and Budget Organization, said the major scheme to lower the share of oil incomes in the budget […]

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Russia’s Energy Minister Urges Closer Ties with Iran

Russian Energy Minister Alexander Novak expressed his country’s determination to promote cooperation with Iran. Addressing a ceremony in Iran’s central city of Isfahan on Monday night, Novak described Russia and Iran as good neighbors and partners, saying the two nations are resolved to continue and enhance mutual cooperation. The Russian energy minister was speaking at […]

US Sanctions target Iran Petrochemical Group

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has taken action against Iran’s largest and most profitable petrochemical holding group, Persian Gulf Petrochemical Industries Company (PGPIC), for providing financial support to Khatam al-Anbiya Construction Headquarters (Khatam al-Anbiya), the engineering conglomerate of the Islamic Revolutionary Guard Corps (IRGC). In addition to PGPIC, […]

Iran to Set Up New Petrochemical Hub in Coastal Region

The National Petrochemical Company of Iran finalized a plan on Monday to construct the country’s third petrochemical hub across a coastal region in the southern province of Hormozgan. In a meeting in Tehran on Monday, the CEO of the National Petrochemical Company of Iran, CEO of Iranian Mines and Mining Industries Development and Renovation (IMIDRO), […]

Iran, Iraq ready to Dredge the Shatt al-Arab

By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iran Business News. After decades, Iran, Iraq ready to Dredge the Shatt al-Arab Hope of restoring a clean water lifeline to Basra province is on the rise again with plans by the Iraqi and […]

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“Invaluable Steps” to Cement Ties with Iraq

Iran Has Taken Invaluable Steps to Cement Ties with Iraq: Envoy Iran’s Ambassador to Iraq Iraj Masjedi highlighted the importance of bilateral relations between the two neighboring countries and said Tehran has taken major strides to strengthen ties with Baghdad. “We are trying to boost our relations with Iraq in all areas,” Masjedi said, addressing […]

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South Pars 3rd Phase 14 Platform Loaded

The operator of Phase 14 development project of South Pars gas field said the third platform of the offshore field was loaded for installation in its designated spot. According to the Pars Oil and Gas Company (POGC), Mohammadi Mahdi Tavassolipour said Platform 14B of the phase was loaded at ISOICO’s yard in Bandar Abbas, south […]

Iraq “has Contingency Plans” for Iranian Gas

By John Lee. Oil Minister Thamer Ghadhban (pictured) has reportedly said on Thursday that Iraq has contingency plans in place to cope with any stoppage of Iranian gas imports. His comments come as the US increases sanctions pressure on Iran. According to Reuters, Ghadhban added that he hopes no such disruption will take place. (Source: […]

Iran Boosting Gas Exports to Iraq

An Iranian official said the exports of natural gas to Iraq are growing steadily and are expected to hit 40 million cubic meters a day in summer. Managing director of the Iranian Gas Engineering and Development Company (IGEDC) Hassan Montazer Torbati told Tasnim that Iran’s gas exports to Iraq are constantly increasing and nearing a […]

Iranian National Oil Company opens Office in Iraq

By Adnan Abu Zeed for Al Monitor. Any opinions expressed here are those of the author and do not necessarily reflect the views of Iran Business News. The National Iranian Oil Company (NIOC) decided May 4 to open an economic representative office in Iraq. The decision was made during a meeting bringing together executives at Iraq’s Oil Ministry and […]

Iran “ready to Expand Gas, Power Trade with Iraq”

President Hassan Rouhani has called for Iran and neighbouring Iraq to expand their gas and electricity dealings and boost bilateral trade to $20 billion, state TV reported, despite difficulties caused by US sanctions against Tehran. “The plans to export electricity and gas and hopefully oil continue and we are ready to expand these contacts not […]

Zangeneh Appoints Deputy for Research, Technology

Iranian Minister of Petroleum Bijan Zangeneh issued a decree appointing Saeid Mohammad Zadeh as his deputy for engineering, research and technology affairs, replacing Habibollah Bitaraf. By entrusting Mr. Mohammad Zadeh with the post, Mr. Zangeneh delegated a number of tasks to his new research deputy including developing technological relations with universities and research centers in […]

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Iran, Iraq agree on Development of Joint Oilfields

Iran and Iraq have reached an understanding on the joint development of the Naft Shahr and Khorramshahr oilfields, Iranian Minister of Petroleum Bijan Zangeneh has announced. Speaking on Sunday, during a visit to the Energy Industries Engineering and Design (EIED), an affiliate to the Oil Industries’ Engineering and Construction (OIEC), the official said: “There are […]

PEDEC Outlines Priorities

The CEO of Petroleum Engineering and Development Company (PEDEC) outlined the company’s priorities in the new Iranian calendar year which starts on March 21. According to PEDEC, Touraj Dehghani said accelerating the development of joint oil fields was top on PEDEC’s agenda in the new Iranian year. He said: “This year, given the special conditions […]

South Pars Gas Output to Hit 750 mcm by Late 2019

Iranian Minister of Petroleum Bijan Zangeneh said the country’s gas production capacity from the supergiant South Pars gas field would cross 750 million cubic meters per day by late 2019. Addressing a ceremony to officially launch phases 13 and 22-24 of the major joint gas field, that was held in the presence of the Iranian […]

Iran Launches New Phases of South Pars Gas Field

Iran’s president inaugurated four new phases of the large South Pars gas field in the southern province of Bushehr on Sunday. Accompanied by the minister of oil and other top officials, President Hassan Rouhani inaugurated the phases 13, 22, 23 and 24 of the South Pars gas field. Each of the new phases has a […]

Iran sitting on 200 Undeveloped Oil/Gas Reservoirs

There are currently over 200 undeveloped oil and gas reservoirs in Iran, an official has said. According to the National Iranian Oil Company (NIOC), Director of NIOC’s Integrated Planning Karim Zobeidi said that a total of 42.4% of Iran’s oil reservoirs and 10% of the gas reservoirs have been depleted so far. Speaking on Monday […]

CEO of IOTC Appointed

Masoud Karbasian, the National Iranian Oil Company (NIOC) CEO, has appointed Abbas Asadrouz as the new CEO of the Iranian Oil Terminals Company (IOTC). The official issued separate decrees appointed Asadrouz as the vice-chairman of the company’s board of directors as well. Karbasian also issued a decree based on which he appointed Soltan Kamali as […]

Iraq Rebuffs US on Cutting Off Energy Purchases from Iran

The US is pressuring Iraq to stop buying energy from its neighbor Iran, in what has become a major point of conflict between Washington and Baghdad. Iraqi leaders are pushing back on the demand, which is rooted in US President Donald Trump’s sanctions against Iran, according to a report by the New York Times on […]