Iran, the world’s biggest gas reserve holder (33.5 trillion cubic meters, 18 percent of the total) has increased its gas output significantly and is targeting an output of 1 bcm/d by March 20, 2018. Iran prefers to export liquefied natural gas (LNG) to distant markets including the EU, but no agreement has yet been reached…
South Korea’s SK Engineering and Construction Co (SKEC) signed a heads of agreement on Saturday for a 1.6 billion euro upgrade of the Tabriz refinery in northwest Iran, the Shana news agency said. South Korean National Assembly Speaker Chung Sye-kyun, who is in Tehran to attend President Hassan Rouhani’s swearing-in, oversaw the signing between SKEC,…
Iran signed a multibillion dollar deal on Monday with French oil giant Total and Chinese state oil company CNPC to further develop the country’s giant South Pars Gas Field in cooperation with Iran’s Petropars. The first major Western energy investment since sanctions against Tehran were lifted will cost up to $5 billion, with production expected…
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…
The first South Korean ship will be delivered to Iran in March 2018 based on a deal to buy 10 Ultra Large Container Vessels (ULCV) from the Asian state, announced the managing director of the Islamic Republic of Iran Shipping Lines (IRISL). Mohammad Saeedi added it is a 14,500 TEU container ship built by South…
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…
Iran started exporting condensate — a form of ultra light oil — from two newly launched phases of its giant South Pars Gas Field to Japan. Managing Director of National Iranian Oil Terminals Company (NIOTC) Pirouz Mousavi was quoted by Press TV as saying that the Japan-bound consignment contained 160,000 barrels of condensate from South…
Iran ‘s NIOC deputy head, while disavowing claims on disqualification of Russian oil giants, said the Iranian company will soon publish a second list of authorized applicants for investment. Deputy Head of NIOC for Development and Engineering Affairs Gholamreza Manouchehri said “a list recently published by National Iranian Oil Company was relevant to applicants from…
A Chinese company is to invest $2 billion in Sarakhs Special Economic Zone (SPEZ), announced the zone’s managing director on Sunday. Ahmad Sadeqi Golmakani told IRNA that a Chinese state-owned company has inked a memorandum of understanding (MoU) worth $2 billion with the Iranian side to invest in SPEZ. He said the MoU is considered…
The latest official figures show that Iran’s exports of non-oil commodities over a period of nine months starting 21 March 2016 increased by around 10 percent – another indication which shows that the country’s trade is improving after the removal of multiple years of sanctions. Figures released by the Customs Administration of Iran show that…
