Archive | Oil & Gas

Iran Eyes over $50bn Worth of Oil Contracts

Iranian Oil Minister Bijan Namdar Zanganeh said he would make efforts to pave the grounds for signing $50 to $60 billion worth of oil and gas contracts with foreign companies by the end of the current Iranian year (March 20, 2018). Speaking to the Islamic Republic of Iran Broadcasting (IRIB) on Sunday night, Zanganeh, who […]

Foreign Funds for Irans Oil Sector a Top Priority

Attracting foreign investment for Iran’s oil sector will continue to be a top priority during President Hassan Rouhani’s second term, Iranian Oil Minister Bijan Zanganeh said on Sunday. “Attracting foreign investment and technology is a priority for us in the oil industry, whether in shared fields or for increasing the production of oil at fields […]

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Inpex to Return to Azadegan Oil Field?

Japan’s biggest oil and gas explorer Inpex Corp might participate in a tender to develop the Azadegan oil field in southwestern Iran and form a consortium with other foreign oil firms to that end, a high-ranking Iranian official said. If Inpex gets involved in the Azadegan again — after giving up its stake in the […]

Zanganeh Re-elected for Another 4 Years

Bijan Namdar Zanganeh was reappointed as the Minister of petroleum by obtaining 230 votes in favor, in parliament (Majlis) on Sunday. He has gained the majority of MP’s vote of confidence and has re-elected as the Minister of Petroleum in the cabinet of President Hassan Rouhani for another 4 years. Bijan Zangeneh was born on […]

Essar Oil’s Iran Debt expected to be Paid

By John Lee. India’s Essar Group has completed the sale of its 98.26-percent holding in Essar Oil to Russia’s Rosneft and partners. Rosneft will take a 49.13 percent stake in Essar Oil, with a consortium of Trafigura and United Capital Partners (UCP) taking an equal stake, Essar Oil said in a statement. Essar Oil still owes […]

Saudi Arabia engages Iraq to Iran’s Dismay

By Ali Mamouri for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Pictures displaying Iran’s Quds Force commander Gen. Qasem Soleimani during the battles with the Islamic State stopped circulating online with the military phase that ended in the liberation of Mosul. The Iranian presence and […]

Ukraine Can Facilitate PetChem Exports to Europe

The Head of the National Petrochemical Company of Iran (NPC) Marzieh Shahdaei said Ukraine can facilitate exports of Iranian petrochemical products to Europe. In a meeting with Ukraine’s Ambassador to Tehran Sergei Buldiliak on Monday, Shahdaei called for enhanced cooperation between Tehran and Kiev in the sector of energy, Shana news agency reported. She added […]

Iran, Russia, Turkey Sign $7bn Drilling Deal

Turkey’s Unit International announced it has signed a $7 billion agreement with Iran’s Ghadir Investment Holding and Russia’s state-owned Zarubezhneft to drill for oil and natural gas in Iran. In a statement, Unit said the three companies had invested a total of $7 billion for the drilling, which would take place at three oil fields […]

DNO Submits Plan for Changouleh Oil Field

The National Iranian Oil Company (NIOC) has received a proposal from Norway’s DNO oil and gas operator for the development of Changouleh Oil Field, a major one in western parts of the country. Gholam-Reza Manouchehri, the deputy for development and engineering affairs of NIOC confirmed that DNO’s proposed plan for the development of Changuleh oil […]

Omani Delegation Visits Iran for Trade Talks

An Omani trade delegation paid a visit to the southeastern Iranian southern port city of Jask, Hormozgan province, to discuss ways to improve economic ties between the two nations, a report said. Headed by Khamis bin Abdullah al Farsi, the director general of commerce at Oman’s Ministry of Commerce and Industry, the mission held a […]