Iran’s President Hassan Rouhani inaugurated five new phases of the South Pars Gas Field on Sunday which were completed at a cost of $20 billion, local media reported. The inauguration of phases 17-21 paves the way for Iran to overtake neighboring Qatar in production from the offshore gas field which it shares with Iran, Iranian…
South Korea‘s intake of Iranian crude oil soared to a record high in March and its first-quarter crude imports from Iran nearly doubled on year, reflecting Tehran’s efforts to raise output after the lifting of sanctions early last year. The increase in volumes since international sanctions against Tehran were lifted in January 2016 has made…
An NIORDC official has reported on talks between Iran and Japan over implementation of a two-billion-euro project for upgrading Abadan Oil Refinery. Managing Director of Abadan Oil Refinery Company Esfandiar Daemolzekr informed reportes about the latest development status of and the plan to reduce fuel oil production in the oldest oil refinery of the Middle…
With implementation of new South Pars phases, Iran’s ethane output will double as the country will be able to rival US in producing the main feedstock for petrochemical industry. Ethane remains as one of the world’s most strategic gas products which marks the main feedstock for petrochemical industries in various countries. A boost in ethane…
Iran is making rapid forays into the European crude oil market and selling its parcels to countries such as France, Italy, Greece and Spain, UK-based global shipping consultancy, VesselsValue said. “Following the removal of sanctions, new players have emerged in the mix,” VesselsValue said in a report. Iran’s crude oil shipments have been delivered to…
IOTC managing director said storage duration in Iranian crude oil terminals has climbed to 15 days. Managing Director of Iran Oil Terminals Company (IOTC) Seyed Pirouz Mousavi said oil can now be stored for as long as 15 days without the need for exports. “Iran’s oil storage capacity has currently reached global standards with implementation…
The second naphtha cargo produced at Setareh Khalij Fars Refinery has been shipped to Japan. Following exports of the first naphtha cargo to the United Arab Emirates by OPEC Affairs Department of the Ministry of Petroleum, a second package, with a volume of 280 thousand barrels, has been deployed to Japan. The second shipped cargo…
Iran has zipped past the likes of Venezuela and Nigeria to become India’s third largest oil supplier as easing western sanctions enabled Indian companies to increase purchases from that country. Saudi Arabia and Iraq continue to be ahead of Iran, which was sixth biggest supplier of crude oil to India in 2015-16, PTI reported on…
Iran expects to sign its biggest oil refining contracts worth $8.6 billion with a number of Japanese, Chinese and South Korean companies this month or later, an official said on Wednesday. The biggest deal is reserved for Japan’s Marubeni, Chiyoda and Mitsui companies to upgrade Isfahan refinery, Deputy Oil Minister Abbas Kazemi told reporters in…
NITC head announced that 35 Iranian tankers have been leased out to oil companies in Europe like Spain’s Cepsa and Eni of Italy. New Managing Director of the National Iranian Tanker Company (NITC) Sirous Kianersi described latest status of oil displacement agreements between NITC and huge European oil companies saying “so far, 35 contracts have…
