Archive | Oil & Gas

Iran, Russia Discuss Energy Cooperation

Iranian Oil Minister Bijan Zangeneh and Russian Energy Minister Alexander Novak held a meeting in Moscow on Monday and discussed energy cooperation between the two countries and through OPEC, Russia’s Energy Ministry said. The two ministers also discussed the possibility of Russian oil companies taking part in projects in Iran, the ministry said in a […]

Russia Prepares for $50bn Investment in Iran Energy

Russia is getting ready to invest US$50 billion in Iran’s oil and gas industry as the two countries continue to seek closer ties, just as the United States is looking to cut as much Iranian crude oil exports from the market as possible. “Russia is ready to invest $50bn in Iran’s oil and gas sectors,” […]

500MW Power Plant Planned in West Karoun

Development of jointly owned oil fields in the West Karoun area in western Iran remains a priority for the Iranian Ministry of Petroleum. Iran is currently recovering more than 350,000 b/d of oil from these fields, which is expected to reach 1.2 mb/d in coming years. A major requirement for reaching such production levels would […]

US Sanctions to assist China to buy more Iran Oil

The US government is expecting Iran’s oil clients to sharply cut imports from the country under the threat of sanctions but senior American officials believe China is likely to buy even more Iranian crude, the Wall Street Journal reported. China is Iran’s top crude oil buyer, which imported around 655,000 barrels a day on average […]

Tehran, Vienna Extend Energy Cooperation

Iran and Austria have held talks to bolster oil and energy ties, a senior Iranian energy official said. Amir Hossein Zamaninia, deputy petroleum minister for international affairs and trading, who accompanied President Hassan Rouhani in his visit to Switzerland and Austria, outlined the visit’s achievements, saying the agreement on energy cooperation between the Iranian Ministry […]

No Halt in South Korea Oil Purchase from Iran

The South Korean Embassy in Tehran announced on Saturday the country’s purchase of crude oil and gas condensate from Iran was continuing unhalted. Loading of tankers with Iranian oil and gas condensate and oil purchase from Iran to South Korea is still continuing, said the embassy in a message on Saturday, July 7, 2018. South […]

Iran Launches Major Condensate Project

The Islamic Republic of Iran has launched the second phase of the world’s largest gas condensate refinery in its southern city of Bandar Abbas. The first phase of the project, with 12 million liters per day of gasoline production capacity, came on-line in April 2017. Once fully operational, it will have a processing capacity of […]

IGAT-6 Gas Pipeline Fully Operational

Iran has fully launched the 6th nationwide gas trunkline (IGAT-6) which bolsters the country’s gas export capacity to Iraq. The National Iranian Gas Company (NIGC) CEO Hamidreza Araqi said a major section of the project came online last calendar year (ended on March 20) and the last 100-km of the project has now come on-stream. […]

IIES Explores Energy Modeling with Korean Firm

Iran’s Institute for International Energy Studies (IIES) held a joint round-table with Korea Energy Economics Institute (KEEI) to consider review the energy policies of the two countries including modeling of energy consumption optimization. During the event, IIES Research Deputy Mohammad Mottaghi said the round-table was IIES’s third such event with KEEI. KEEI is Asia’s first and […]

PGPIC Revenues hit $1.2bn in Q1

Iran’s Persian Gulf Petrochemical Industries Company (PGPIC) generated a total of 1.2 billion dollars in revenue over the first three months of the current Iranian calendar year which began on March 21, the company’s CEO said. Jaraf Rabiei said: “We will continue to provide the necessary funds in terms of our obligations without any restrictions.” […]

NIDC Drills 43 Oil, Gas Wells in Q1

The National Iranian Drilling Company (NIDC) completed drilling of 43 oil and gas wells over the course of the first three months of the current Iranian calendar year which began on March 21. Hamidreza Khoshyand, deputy managing director of NIDC, said the wells were spudded in offshore and onshore projects across Iran. He also said […]

Iran to sign Power Deal with Georgia

The CEO of the National Iranian Gas Company (NIGC) said the company was preparing an electricity contract to sign with Georgia for export of 10% of the power it receives from Armenia in exchange for natural gas. Speaking to Shana, Hamid Reza Araqi said NIGC had earmarked 10% of the gas it receives from Armenia […]

An Integrated Approach for Iraq/Iran Border Fields

By Ahmed Mousa Jiyad. Any opinions expressed are those of the authors, and do not necessarily reflect the views of Iran Business News. An Integrated Approach for Investment in Joint Development-Unitization for Iraq/Iran Border Petroleum Fields & Exploration Blocks This article provides brief note in panel discussion and abstract of a keynote PowerPoint presentation prepared […]

$6bn Oil Projects for Domestic Contractors

A senior Iranian oil official said the country was planning to entrust 6 billion dollars’ worth of enhanced oil recovery and production sustainability projects to domestic companies. Gholamreza Manouchehri, deputy CEO of the National Iranian Oil Company (NIOC) for Engineering and Development Affairs, said once NIOC’s 34 working packages valued at $6 billion become operational, […]

Gazprom “in Talks” to Develop Iranian Fields

A senior official with Gazprom said Russia’s gas giant is in talks with the National Iranian Oil Company (NIOC) to develop four gas fields in Iran. The company plans to expand its reserve base abroad and is stepping up talks on its participation in four Iranian fields, namely Kish, North Pars, Farzad A and B, […]

Indian Bank to Stop Handling Iran Oil Payments

India’s oil imports from Iran will be affected from the end of August as the State Bank of India (SBI) has informed refiners it will not handle payments for crude from the Islamic Republic from November, the finance head of Indian Oil Corp said on Friday. “(Oil) loading will be affected from end-August under the […]

New PEDEC CEO Appointed

Ali Kardor, the managing director of the National Iranian Oil Company (NIOC), has appointed Touraj Dehghani as chief executive officer and the main member of the board of directors of the Petroleum Engineering and Development Company (PEDEC). Touraj Dehghani was previously a deputy director of PEDEC, and member of the board of directors and supervisor […]

S Korea’s Daelim Cancels $2bn Deal with Iran

South Korea’s Daelim Industrial said on Friday that a contract worth 2.23 trillion Korean won ($2.08 billion) for a refinery project in Iran was canceled. The order was canceled as the Isfahan Refinery Upgrading Project failed to procure financing because of economic sanctions imposed on Iran, Daelim said in a regulatory filing, Reuters reported. The […]

Iran Starts Oil Swap with Iraq’s Kirkuk

Iran started swapping oil with Iraq‘s Kirkuk on Sunday, after the two neighbours sorted out the logistic issues that were preventing the swap’s startup. According to the CIF-based swap deal, Iran receives 30,000 to 60,000 bpd of oil from the Kirkuk oil fields in northern Iraq to an Iranian refinery across the border via tanker […]