Archive | Oil & Gas

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 […]

Top Lawmakers Discuss Bolstering Iran-Japan Ties

Iranian Parliament Speaker Ali Larijani and President of Japan’s House of Councilors Chuichi Date explored avenues for the expansion of political and economic relations between the two countries. Larijani, who has travelled to Japan with a parliamentary delegation, met with Chuichi Date on Tuesday. In the gathering, the Iranian official hailed the age-old relations between […]

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Iran, Iraq to Use Euro, Dinar in Oil Trade

The governor of the Central Bank of Iran unveiled plans for using non-dollar accounts for oil and gas trade with Iraq. Abdolnaser Hemmati on Wednesday held a meeting with presidents of Iraqi banks, members of Iraq’s chamber of commerce and the Arab country’s business people during a trip to Baghdad. In the gathering, the top […]

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Russia to Construct Iran-India Gas Pipeline

Iranian Oil Minister Bijan Namdar Zanganeh said the country has accepted Russia’s proposal to construct a subsea pipeline for exporting natural gas from the Islamic Republic to India. Speaking to reporters at a press conference in Tehran on Tuesday, Zanganeh dismissed as “untrue” claims that he had not accepted the Indians’ proposal to construct the […]

New Petropars CEO Appointed

The CEO of the Naftiran Intertrade Company Sàrl (NICO) issued a decree appointing Hamid Reza Masoudi (pictured) as the new managing director of Petropars Ltd. (PPL). “Considering the valuable commitment, expertise and experiences you have displayed and regarding the approval of the general assembly of Petropars Company, you are appointed as the managing director and […]

Major Petro-Refinery to be Built in Jask

Plans are under way to build a large petrochemicals and refining complex in Jask Island by Bakhtar Petrochemical Holding. Ali Mohammad Bossaqzadeh, director of projects at the National Petrochemical Company (NPC), told NIPNA that the project would be built in order to meet the needs of the country and also to increase the exports of […]

114 Foreign Cos ready for Oil Projects in Iran

114 Foreign Companies Ready to Take Part in Iran’s Oil Projects: Official A member of the Energy Commission of the Iran Chamber of Commerce, Industries, Mines and Agriculture (ICCIMA) said 114 foreign companies have announced their readiness to cooperate with the country in its oil projects. Speaking on the sidelines of a visit to the […]

9 Contracts Signed for Enhancing Oil Production

9 Contracts Signed with Local Firms for Maintaining, Enhancing Oil Production National Iranian Oil Company (NIOC) subsidiaries signed 9 contracts with local developers for maintaining and enhancing the production capacity of a number of Iranian oil and gas fields. The deals were signed on Tuesday in a ceremony that was attended by Iranian Minister of […]

New Oilfield Discovered in Southwest Iran

Iran has discovered a new oilfield near the southwestern city of Abadan, Oil Minister Bijan Namdar Zanganeh has said. Speaking to reporters on the sidelines of a cabinet session in Tehran, Zanganeh said workers drilling a well at ‘Minoo’ region near Abadan discovered crude oil on Tuesday morning. “It is the first time we discover […]