Saudi Arabia Under Pressure to Cut Oil Output Iran won’t accept any limit on its oil output below pre-sanctions levels as the nation continues with plans to boost production by Continue Reading
Yukiya Amano, director general of the International Atomic Energy Agency. Iranian scientists experimented with technologies that could be used to make a nuclear bomb without ever taking the final steps Continue Reading
AP Photo/Ronald Zak Latest News Russia: Turkish president benefits from IS oil trade Islamic State releases video claiming to kill Russian spy Gorbachev to pay small fine for Zhirinovsky claims Continue Reading
Iranian scientists are alleged to have worked on two secret projects related to different technologies needed to design a nuclear warhead, including a detonation system to fit inside the nose Continue Reading
A security personnel looks on at oil docks at the port of Kalantari in the city of Chabahar, east of the Strait of Hormuz in this January 17, 2012 file Continue Reading
The Obama administration on Wednesday welcomed the submission of the International Atomic Energy Agency’s report on Iran’s alleged nuclear-weapons work, and said it would likely pave the way for the Continue Reading
As OPEC ministers started to arrive in Vienna, Iran called on fellow members to comply with the group’s production ceiling before ramping up its own supply next year. The appeal Continue Reading
Iran’s capital Tehran has seen an unprecedented security tightening amid concerns that a country that has taken an active role in the fight against Isis could become a target for Continue Reading
Sanctions on Iran’s oil and gas sector could be lifted in the first week of January, according to Amir Hossein Zamaninia, Iran’s deputy oil minister for international affairs Saturday, as Continue Reading
Iran offered on Saturday about 50 oil and gas projects to be developed by foreign investors with local partners under a new scheme it hopes will initially generate $25 billion Continue Reading
Iran, OPEC’s fifth-largest crude producer, has potential to generate more revenue from mining than it does from crude if the government puts more focus on developing the metals sector, according Continue Reading
Iran on Saturday presented a new model for oil contracts it could offer to foreign oil firms as it seeks to attract Western investors ahead of an end to sanctions. Continue Reading
An increasing number of Iranian soldiers and militiamen appear to be dying in Syria’s civil war, and observers credit media from an unexpected country for revealing the trend: Iran. A Continue Reading
The U.N. atomic energy agency is preparing to wrap up a more than a decade-long probe of alleged nuclear weapons work by Iran, but its report will stop short of Continue Reading
Questions will probably be left unanswered when International Atomic Energy Agency inspectors conclude their assessment of Iran’s past nuclear activities next week. Investigators’ conclusion on whether Iran’s nuclear work has Continue Reading
The United Nations atomic energy arm is unlikely to draw clear conclusions in its report next month on whether Tehran once had a nuclear weapons program, the agency’s chief suggested Continue Reading
Iranian President Hassan Rouhani says his country is keen on ensuring oil market stability by cooperating with Venezuela. File Photo by John Angelillo/UPI TEHRAN, Nov. 23 (UPI) — Iranian President Hassan Rouhani told visiting officials from Venezuela it was incumbent upon producers to improve the situation in the global energy market. "The Islamic Republic of Iran and Venezuela are friends and will do their utmost in favor of their nations’ economic development and welfare," the Iranian president told visiting Venezuelan President Nicolas Maduro . Iran is eyeing a return to the global energy stage as sanctions pressures ease in the wake of a July nuclear agreement reached between Tehran, the five permanent members of the U.N. Security Council and Germany. By the end of the year, Iran is expected to start up dozens of oil and gas projects , worth an estimated $185 billion. Production from Iran is already […]
Iran’s Supreme Leader Ayatollah Ali Khamenei (C) receives a gift from Russia’s President Vladimir Putin (L) in Tehran November 23, 2015. Iran’s supreme leader, at a meeting with Russian President Vladimir Putin in Tehran, said on Monday U.S. policies in the Middle East region were a threat to both countries and called for closer ties between Tehran and Moscow. The civil war in Syria has evolved into a wider proxy struggle between global powers, with Russia and Iran supporting Syrian President Bashar al-Assad while Western powers, Turkey and Gulf Arab states want him out. "The Americans have a long-term plot and are trying to dominate Syria and then the whole region … This is a threat to all countries, especially Russia and Iran," Ayatollah Ali Khamenei said, according to his website, at the meeting on the sidelines of the Gas Exporting Countries Forum (GECF) Summit in Tehran. "The United […]
Iran moved a step closer to relief from oil and banking sanctions when President Vladimir Putin decreed Russia is ready to import enriched-uranium stockpiles, allowing an agreement with world powers to take effect. Russia is willing to take any low-enriched uranium over 300 kilograms (660 pounds) in exchange for natural-uranium ore, the Kremlin said today on its website. At current stockpile levels, that amounts to about 8,000 kilograms, with a value of almost $635,000, according to the most recent spot price published by UX Consulting. The July 14 deal with world powers requires Iran to reduce its uranium stockpile by more than 96 percent. Last week, International Atomic Energy Agency officials reported Iran had accelerated compliance with other parts of the agreement, including a reduction in installed enrichment technology. Once IAEA monitors have verified that Iran has met its commitments, oil and banking sanctions that have dragged on the […]
Iran’s Oil Minister Bijan Zanganeh attends an extraordinary ministerial meeting of the Gas Exporting Countries Forum (GECF) in Tehran November 21, 2015. Iran’s oil minister said on Saturday Tehran does not need to seek permission from OPEC to increase oil production, state news agency IRNA reported. "To increase Iran’s oil production in the global market after the lifting of sanctions, we don’t need permission from OPEC or any other organization," Iran’s oil minister, Bijan Zanganeh was quoted as saying by IRNA on the sidelines of the meeting of the Gas Exporting Countries Forum (GECF) in Tehran. (Reporting by Bozorgmehr Sharafedin, editing by David Evans)
TEHRAN, Iran (AP) — Russia’s President Vladimir Putin was in Tehran on Monday for talks with Iranian leaders expected to focus on the Syrian crisis and an international peace plan intended to end the conflict. The visit comes as Russia, the United States, France and others are talking about possible joint action against the Islamic State group following the terror attacks in Paris and the downing of a Russian passenger jet in Egypt. Putin’s trip also comes on the heels of agreement on an incomplete peace plan that calls for talks between Assad and his foes. Moscow and Tehran have been the key backers of Syrian President Bashar Assad throughout his nation’s civil war, which has killed over 250,000 people and turned millions into refugees. Russia has shielded Syria from international sanctions, and on Sept. 30 it launched an air campaign against the Islamic State group and other insurgents, […]
Sign up for quick access to a wealth of global business news, including: West looks for splits in Russia’s alliance with Iran over Syria Newspaper + Premium online Newspaper + Premium online Premium Full FT.com subscription Premium Full FT.com subscription Standard Full news & archive Standard Full news & archive Trial Try Premium online Trial Try Premium online Price Monthly Annual $66.30 $11.77 per week $53.00 $9.25 per week $36.00 $6.45 per week $1.00 for 4 weeks $1.00 for 4 weeks FT Alphaville plus selected FT blogs yes yes yes yes Unlimited FT.com article access yes yes yes yes Unlimited mobile and tablet access yes yes yes yes Unlimited fast FT yes yes yes yes 5 year company financials archive yes yes yes yes The LEX column yes yes no yes ePaper access yes yes no yes Three exclusive weekly emails yes yes no yes Daily newspaper delivery yes […]
Oil and banking sanctions against Iran might be lifted by mid-January based on the pace at which technicians are removing and mothballing nuclear equipment at the country’s uranium-enrichment facilities. Iran removed 4,530 centrifuges during the 28 days ending Nov. 15, a rate of 162 machines per day, according to an International Atomic Energy Agency report issued late Wednesday. Based on current work rates, Iran may be able to fulfill its part of the nuclear deal agreed with world powers by Jan. 12. “By the time you have this down to a routine, it’s not much more difficult than changing a set of tires,” said Robert Kelley, a nuclear engineer and former IAEA director who has supervised centrifuge disassembly projects. “There’s no reason the Iranians cannot continue at the same pace.” The July 14 deal agreed with world powers requires requires Iran to reduce the number of its installed centrifuges […]
Representatives from Russia’s Rosneft and Iran’s oil ministry discussed an oil, natural gas and petroleum products swap, Trend News Agency reported Nov. 13. The two sides plan to form a joint committee to continue their negotiations. It would be the first time Rosneft exports or swaps natural gas with another country, breaking state-controlled Gazprom’s monopoly on exports of pipelined natural gas. Meanwhile, a presidential spokesman announced that Russian President Vladimir Putin will visit Tehran on Nov. 23 to take part in the Gas Exporting Countries Forum, Sputnik News reported. Iran’s energy sector is set to drastically change as Western sanctions are lifted following the nuclear agreement reached between Tehran and six world powers. After years of strength and stability, Rosneft and Gazprom must adapt to a new political and financial climate .
Click here to view full article at us4.campaign-archive1.com
Oil price competition in Europe is set to intensify when Iranian crude returns to the market after sanctions on its nuclear program are lifted, the International Energy Agency said. Europe will be the battleground between producers of sour crude grades, including Russia, Iraq, Saudi Arabia and Iran, as the Asian market becomes more “crowded,” the Paris-based IEA said in its monthly report. Iraq, the second largest oil producer in the Organization of Petroleum Exporting Countries, has increased its market share in Europe after the imposition of sanctions on Tehran resulted in the collapse of Iranian exports, the IEA said. Iraq sold 1 million barrels a day to Europe in July and August, overtaking Saudi Arabia, according to the IEA. Europe imports over 9 million barrels a day of crude from outside the region, with sour grades accounting for two-thirds of that, according to the IEA. “By targeting Iran’s former […]
Tougher competition in Europe, the destination for almost 70 percent of Russia’s oil exports, comes as the country is already battling recession. Competition is growing in Russia’s biggest oil market. While Saudi Arabia’s encroachment in Europe is getting all the attention , the biggest threat comes from another part of the Middle East — Iran. Saudi Arabia has started shipping crude to traditional Russian markets like Poland and Sweden, but supplies to Europe from the world’s largest exporter won’t increase by enough to reduce prices, said Texas-based consultant Stratfor. In contrast, a surge in Iranian exports after the lifting of sanctions could erode the value of Russian shipments to the region as soon as next year, according to KBC Advanced Technologies. Tougher competition in Europe, the destination for almost 70 percent of Russia’s oil exports, comes as the country is already battling recession. Oil and gas sales account for […]
Cabinet ministers under Iranian President Hassan Rouhani sign off on terms of new oil contracts for a post-sanctions era. File Photo by Monika Graff/UPI TEHRAN, Nov. 11 (UPI) — Cabinet ministers in Iranian President Hassan Rouhani ‘s administration said they endorsed the terms of new oil contracts for a post-sanctions era. Mehdi Husseini, charged by the government with drafting a new contract model, told the Iranian Oil Ministry’s website SHANA the Cabinet has fully signed off on the new terms . Under the terms of the deal, the National Iranian Oil Company will establish joint ventures with its foreign counterparts, who will be paid with a share of any production. Previous terms gave energy companies a predetermined price for production volumes. Tehran hosts an international energy conference in late November to present the terms to potential investors. "A wide welcome is expected for the Tehran conference," Husseini said. Ali […]
A Russian worker walks past the Bushehr nuclear power plant, 1,200 km (746 miles) south of Tehran October 26, 2010. Iran has stopped dismantling centrifuges in two uranium enrichment plants, state media reported on Tuesday, days after conservative lawmakers complained to President Hassan Rouhani that the process was too rushed. Last week, Iran announced it had begun shutting down inactive centrifuges at the Natanz and Fordow plants under the terms of a deal struck with world powers in July that limits its nuclear program in exchange for easing sanctions. Iran’s hardliners continue to resist and undermine the nuclear deal, which was forged by moderates they oppose and which they see as a capitulation to the West. "The (dismantling) process stopped with a warning," Ali Shamkhani, Secretary of the National Security Council, was quoted as saying by the ISNA student news agency. Only decommissioned centrifuges were being dismantled to begin […]
Patrick Pouyanne, Chief Executive Officer of Total, attends the Oil and Gas Climate Initiative summit in Paris, France, October 16, 2015. Iran will have to offer lucrative contracts terms to draw back international oil companies at a time when the oil industry is more focused on profitability as it gears up for a longer period of low oil prices, executives said on Tuesday. Iran said in September it had approved a draft of international oil and gas contracts to attract foreign investors and oil buyers once international sanctions are lifted but has not provided details so far. The OPEC member will announce new oil and gas contracts at conferences in Tehran and London on Nov. 21-22 and Feb. 22-24 respectively. "It is not only questions of resources or opportunities, it is a question of profits," Total’s chief executive Patrick Pouyanne told a conference in Abu Dhabi, capital of the […]
MOSCOW—Russia is moving ahead with a deal to deliver advanced surface-to-air missiles to Iran, the head of the country’s state-run industrial holding company said Monday, according to Russian news agencies. “The contract for the delivery of the S-300 to Iran was not only signed, but has already entered into force,” said Sergei Chemezov, the head of Rostec Corp., the conglomerate that includes arms exporter Rosobornexport, according to state news agency RIA Novosti. Less clear, however, is when the missile system might actually be delivered. The Kremlin lifted a self-imposed ban on the delivery of the weapons system this spring, prompting sharp criticism from the U.S. and Israel. The U.S. and its allies worry the air-defense system would blunt their military edge in the Middle East by giving Tehran a more effective weapon to counter aircraft and cruise missiles. Russia concluded a contract with Iran in 2007 worth roughly $800 […]
After years of sanctions, the country is boosting production and aiming to win customers back from the Saudis and Russians. The fate of the oil market in 2016 depends in large part on a series of oil fields with names such as Ahwaz, Gachsaran, Bibi Hakimeh, and Darkhovin. All of them are pumping crude buried thousands of feet under the hills of the Zagros mountain range in western Iran. Since mid-2012 the fields have been producing far below their capacity because of U.S. and European sanctions limiting Iranian oil exports. Now that Tehran has reached a deal with the Western powers to resolve the dispute over the country’s nuclear program, Iranian engineers are working to bring the fields back to full production. “Immediately after lifting sanctions, it’s our right to return to the level of production we historically had,” Iran Oil Minister Bijan Namdar Zanganeh said in September, weeks […]
The re-entry of Iranian crude oil exports into an already well supplied market is being watched closely by Middle East oil producers, but their full re-entry is likely to take "years rather than months," the Arab Petroleum Investment Corp. or Apicorp said Wednesday. The introduction of significant Iranian barrels could force OPEC to consider re-introducing supply management measures, but this will not be straightforward, the Al Khobar-based investment company said in a research note, "as Iran has repeatedly signaled its desire to re-capture market share and that other OPEC players should create the necessary space." Apicorp was created by the Organization of Arab Petroleum Exporting Countries as a commercially-focused financial institution to help provide financing options for the Arab energy industry. Iran’s ability to deliver on its production and export targets will therefore be watched carefully by the oil producers on the other side of the Persian Gulf for […]
Iranian protesters outside the former U.S. Embassy in Tehran on Wednesday. (European Pressphoto Agency) The 36th anniversary of the U.S. Embassy takeover in Tehran unfolded Wednesday with the familiar protests and chants of “Death to America.” But there was also a new twist: growing battles between hard-liners and their opponents over how much Iran will change after a landmark nuclear deal with the United States and other powers. And in the middle was Iran’s ultimate power, Ayatollah Ali Khamenei, who is trying to fine-tune his message that the nuclear accord can stand but that future openings to Washington are not an option. The demonstration Wednesday in front of the brick walls at the former U.S. diplomatic compound — scene of a 444-day hostage standoff — was just the latest show of resolve by Iranian conservatives in a running showdown with reformers that goes back decades. But this anniversary was […]
TEHRAN — President Hassan Rouhani of Iran on Wednesday criticized the recent arrests of journalists and others by the Revolutionary Guard Corps, which has accused detainees of being part of seditious plots hatched by the United States. In remarks at a cabinet meeting posted on his Instagram account, Mr. Rouhani suggested that at least some of those arrests had been groundless. “Let us not go and arrest one person here, another there, based on an excuse and without any reason, and then make up a case and aggrandize it, and finally say this is an infiltration movement,” Mr. Rouhani said. His reaction signaled a deepening divide between his administration and hard-line adversaries over Iran’s future relationship with the United States and other Western powers. The hard-liners have vowed to severely limit dealings with the Americans despite the signing of an international agreement limiting Iran’s nuclear activities in exchange for […]
AP Photo/Vahid Salemi TEHRAN, Iran (AP) — Iranian President Hassan Rouhani has criticized recent arrests of journalists amid an ongoing crackdown on expression by the country’s hard-liners. According to a report Thursday in the state-owned daily IRAN, the president says hard-liners "misuse" remarks by Supreme Leader Ayatollah Ali Khamenei on the possible spread of U.S. influence in Iran as an excuse for the detentions. The paper quotes Rouhani as saying the hard-liners are "exaggerating the case" and making baseless arrests. The Iranian president spoke during a Cabinet meeting Wednesday. Earlier in the week, the semi-official Fars news agency said authorities detained five Iranian journalists, including two known reformists. The crackdown and the sharp rhetoric come amid the hard-liners’ push against a nuclear deal with world powers and ahead of crucial February parliamentary elections.
Iran says its vetting interest and signing preliminary deals with European countries looking to a post-sanctions investment climate. File photo by Maryam Rahmanian/UPI TEHRAN, Nov. 2 (UPI) — Iran said it’s been vetting interest from major European energy companies eager to wade into the oil and gas sector once sanctions pressures ease. During an investment conference in Tehran later this month, the Iranian government is expected to roll out the terms of contracts for the post-sanctions era. The National Iranian Oil Co. said the country needs at least $250 billion in new investments to bring its energy sector back to full strength. The U.S. Treasury Department estimated Iran was out about $40 billion in revenue last year as a result of sanctions Speaking to SHANA, the Iranian Oil Ministry’s news website, BP President of Middle East operations Michael Townsend said there are potential opportunities for future work in the […]
Iran has begun decommissioning uranium enrichment centrifuges under the terms of the nuclear deal struck with six world powers in July, Tehran’s nuclear chief was quoted as saying on Monday Continue Reading
Photo Posters featuring the image of Grand Ayatollah Ali al-Sistani, spiritual leader of Iraq’s Shiite Muslims, on sale in Baghdad last year. Credit Khalid Mohammed/Associated Press NAJAF, Iraq — In the struggle to transform Iraq from a dictatorship to a democracy after the American-led invasion in 2003, Grand Ayatollah Ali al-Sistani, the highest spiritual authority for many of the world’s Shiite Muslims, stood out as a singular champion of the effort to hold direct elections and ensure that politicians, and not clerics, rule the country. In doing so, he shaped the relationship between religion and politics here as distinctly different from the Shiite theocracy in Iran , where another ayatollah wields supreme power. Now, in the face of concerns over the growing power of Iran and its militia proxies amid a sectarian war in Iraq , Ayatollah Sistani has made one of his biggest interventions in Iraqi politics, to […]
Iran will officially notify producer group OPEC in December of its plans to raise its crude oil output by 500,000 barrels per day (bpd), the Iranian oil minister said on Saturday. "We…ask them to respect the 30-million-barrel ceiling which they have agreed," Bijan Zanganeh was quoted as saying by Shana, the ministry’s news agency. "Iran is prepared to supply at least 500,000 bpd of crude oil to global markets," he added. The Organization of the Petroleum Exporting Countries (OPEC) will meet in Vienna in early December. OPEC is pumping close to a record high as major producers focus on defending market share. This has added to amply supplies, which have helped cut prices by more than half from June 2014 to below $50 a barrel. Under a deal reached with six major powers in July, Iran agreed to curb its nuclear program in exchange for an end to economic […]
Iranian security forces have arrested an Iranian-American businessman who had promoted improved ties between the two countries, adding to signs that hard-liners in Tehran are trying to block foreign investors from entering the Islamic Republic in the wake of the historic nuclear deal. In the past few weeks, Iranian businessmen with links to foreign companies have been detained, interrogated and warned against wading into economic monopolies controlled by the Revolutionary Guard Corps, according to several businessmen interviewed inside and outside of Iran. Siamak Namazi in an undated photo from his Linkedin profile. About two weeks ago, Siamak Namazi, the head of strategic planning at Crescent Petroleum Co., was arrested as he was visiting relatives in Tehran from his home base in Dubai, according to people briefed on the situation. He was arrested, they said, by the Guard’s intelligence arm, which reports to Supreme Leader Ayatollah Ali Khamenei, not the […]
Earlier this month, the US and its negotiating partners announced steps to move ahead on what is known as “adoption day,” intended to show readiness for sanctions relief for Iran. However, relief will only begin on “implementation day,” the day when the International Atomic Energy Agency certifies that Iran lived up to its commitments according to the nuclear deal completed in July. According to the US CIA’s The World Factbook , Iran has the world’s second largest supply of conventional natural gas reserves, much of which is rich in ethane. Given that the rest of the Middle Eastern countries are experiencing limited supplies in ethane, this presents a huge opportunity for the Iranian petrochemical sector as sanctions are eased. Investing in Iran includes enormous political risks, but there are major advantages for international petrochemical investors, including low-cost steam cracker feedstocks and access to the European and Asian markets. The […]
AP Photo/Craig Ruttle Latest Syria News Iran to take a seat among world powers for Syria talks Iran to attend international talks on Syria’s future Russia pounds Syrian rebels, then reaches out to opposition Official: Iran has sent more military advisers to Syria UN: At least 120,000 displaced in Syria in past month var mytd = document.getElementById(‘mytd’); var mydiv = document.getElementById(‘spnrefmoneymarkets’); if (mytd != null) {mytd.innerHTML = spnrefmoneymarkets.innerHTML; mydiv.innerHTML = ”}; BEIRUT (AP) — Iran will take part in international talks on Syria for the first time this week, giving it a voice in the effort to find a resolution to the more than 4-year-old civil war that has so far defied even the slightest progress toward peace. A crucial backer of Syrian President Bashar Assad, Tehran has been shunned from all previous talks on Syria. Its inclusion now marks recognition by the United States that no discussion on […]
WASHINGTON — Iran has been invited to join talks in Vienna this week with Russia , the United States and European nations on whether a political resolution is possible in the Syrian civil war. If Iran accepts, it will be the first time Secretary of State John Kerry will enter formal negotiations with Tehran on issues beyond the nuclear accord reached in July. Russia has been pressing to include Iran, the only other major power giving military support to President Bashar al-Assad in his effort to remain in power. Senior American officials have begun to acknowledge in recent weeks that no serious discussion of a possible political succession plan in Syria can happen without Tehran’s involvement. But the American denunciation of Iran’s activities in Syria, including its support for Mr. Assad’s forces and for terror groups like Hezbollah, has always prevented the United States from including Iran in formal […]
Iran lays out investment expectations for its energy sector over the next 10 years. IMF said a lack of investments curbing Iran’s economic growth. File photo by Maryam Rahmanian/UPI TEHRAN, Oct. 26 (UPI) — The exploration and production side of the energy sector needs the bulk of the focus for a re-emerging Iran, a managing director at Iran’s oil company said. Iran next month rolls out the preliminary terms for contracts in a post-sanctions climate. Ahead of next month’s investment conference in Tehran, Ali Kardor, deputy managing director at the National Iranian Oil Co., said the county needs at least $250 billion in new investments . "During 2016-25, our upstream sector needs $176 billion and the downstream sector needs $77 billion of investment," he said. Lower crude oil prices, down about 45 percent from last year, has forced most major energy companies to cut back on spending in exploration […]
India’s Oil and Natural Gas Corp. EQONGC -0.33 % is in talks with Iranian state company Pars Oil and Gas Co. to return to a $10 billion gas project that it abandoned because of American pressure, a top official in Tehran said Wednesday. The Indian company, known as ONGC, approached the Iranians last week during an energy conference in Tehran, said Ali-Akbar Shabanpour, the managing director of Pars Oil and Gas Co., in an interview. ONGC is interested in returning to Farzad B, a giant natural gas concession in the Persian Gulf overseen by Mr. Shabanpour’s company. ONGC discovered gas in the field in 2008, but left the project after 2010 as the U.S. pressured countries to quit doing business with Iran because of its nuclear program. “They came to us” to discuss reviving the deal, Mr. Shabanpour said. "We will get the history and documentation of the project” […]
Iran has proposed to swap oil and gas with Russia , Press TV quoted oil minister Bijan Zangeneh as saying. Zangeneh said the proposal was raised during a meeting on Wednesday with the visiting Russian energy minister Alexander Novak. According to the proposal, Iran would receive natural gas, oil and oil products from Russia through its northern terminals and will sell equivalent volumes of the same products to Russia’s clients through its southern terminals, Press TV reported. Zangeneh suggested that Iran and Russia have adequate facilities to proceed with this swap mechanism. Tehran has been using a similar mechanism with Turkmenistan, Kazakhstan and Azerbaijan for over a decade through which it would receive oil from the three Caspian states at its Neka terminal and would deliver equal amounts with similar specifications to their clients at its southern ports.
Iran needs to create a competitive atmosphere to bring investors into the post-sanctions energy sector, Austrian energy company OMV says. File photo by Maryam Rahmanian/UPI VIENNA, Oct. 23 (UPI) — An investment opportunity exists in the Iranian energy sector, but there are a series of hurdles remaining, Austrian energy company OMV said. The Iranian government has approved a draft document outlining contracts for exploration, production and development of oil and natural gas fields in a post-sanctions business climate. Under the new terms, the National Iranian Oil Co. will set up joint ventures with foreign companies, which will be paid with a share of the output. Ahead of a string of planned investment conferences, Iranian officials have met with European energy representatives to discuss the terms of new relationships in the oil and gas sector. Austrian energy company OMV, whose chief executive officer Rainer Seele was among those who joined […]
Iran plans to start producing gas and condensate at Phases 17 and 18 of the South Pars offshore deposit by late March, boosting output of the fuel that it wants to use as feedstock to triple its petrochemicals output. The two new South Pars phases will produce a combined 50 million cubic meters a day of gas and 80,000 barrels a day of condensate, Hassan Jahangiri, implementation and project manager at Pars Oil & Gas Co., said Thursday in the southern port of Assaluyeh. They are scheduled for completion by the new Iranian calendar year starting March 21, he said. “The project is about 95 percent complete, and it will be ready to be inaugurated before the end of this Iranian year,” Jahangiri said of the two phases. “We are waiting for gas from the offshore fields.” Iran, with the world’s biggest natural gas reserves, according to BP Plc […]
Iran is preparing by the end of March to start soliciting bids from international companies for rights to develop oil fields as the country anticipates the removal of economic sanctions that have hobbled its crude production and exports. The Persian Gulf nation, once OPEC’s second-largest producer, wants to begin organizing bids by the next Iranian calendar year starting March 21, Seyed Mehdi Hosseini, chairman of the Oil Ministry’s Oil Contract Restructuring Committee, said Wednesday in an interview in Tehran. It’s seeking to sign oilfield-development contracts within two years at the latest, he said. Iran’s new oil contracts will allow international companies to invest for 20 years with the option of extending for an additional five, he said. Companies will share in the benefit of an increase in oil prices but must also help bear the risk of a decrease, Hosseini said. Iran, with the world’s fourth-largest reserves of oil, […]
Photo Ayatollah Ali Khamenei, Iran’s supreme leader, during a meeting in Tehran on Monday. Credit Office of the Iranian Supreme Leader, via Associated Press TEHRAN — Iran ’s supreme leader on Wednesday publicly endorsed for the first time the July nuclear agreement between Iran and six world powers, state news agencies reported . But the provisional endorsement was accompanied by a warning that Tehran expected all sanctions to be lifted or it would walk away from the deal. The support of the supreme leader, Ayatollah Ali Khamenei , is the final step in an approval process involving the Supreme National Security Council, the Iranian Parliament and the Guardian Council. Iran can now begin carrying out the measures outlined in the agreement, including dismantling thousands of centrifuges used for enrichment and downsizing a heavy water plant so it can no longer produce plutonium. The endorsement was included in a letter […]
