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Drilling Operations Under Way at Phase 11
TEHRAN (Shana) -- The CEO of Petropars Group said despite the unfavorable and unstable winter weather conditions in the Persian Gulf, drilling operations of Phase 11 of South Pars Gas Field continue seriously without any interruptions, and so far, 4,180 meters of drilling has been carried out in the project.
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Project to Enhance/Maintain Productivity of Zilaei Field Online
TEHRAN (Shana) -- The executive operation of a plan to maintain and enhance production of the Zeilei Field has kicked off.
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Is Brent Crude Headed Towards $100 a Barrel?
TEHRAN (Shana) -- Since early December crude oil prices have staged an impressive comeback. Brent crude price has shot up from $40 a barrel in early December to $67.20 on 25 February 2021. The question is how high oil prices are destined to go this year and next.
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Biden and Future of Nord Stream 2
TEHRAN (Shana) -- The United States implemented its annual budget bill as the year 2021 started. It includes expansion of sanctions against the Nord Stream 2 gas pipeline.
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Azar Field Output at 65,000 b/d
TEHRAN (Shana) -- Iran invested over $1.4 billion in the jointly-owned Azar oil field despite US sanctions to lift oil output from this field to 71,500 b/d and that of gas to 78 mcf/d of Azar, containing both oil and gas, is one of the most challenging petroleum industry projects in Iran.
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Biggest Oil/Gas Opportunity in Iran
TEHRAN (Shana) -- Oil sanctions against Iran remain effective. But the country says it would export 2.3 mb/d of oil and condensate this year. Many experts believe that Iran’s return to the oil market is unlikely to cause any shock.
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14th OPEC and non-OPEC Ministerial Meeting
TEHRAN (Shana) -- The 23 members of OPEC+, a group combining OPEC and allied producers, made an agreement on Thursday during the 14th OPEC and non-OPEC Ministerial Meeting, held via video conference, to keep the current crude oil output cuts of 18 members in place for April and allowed Russia and Kazakhstan to add 150,000 bpd to their total production.
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OPEC+ 14th Ministerial Meeting Concludes
TEHRAN (Shana) -- The 14th Meeting of OPEC and non-OPEC Ministers took place via video conference on Thursday March 4, 2021, under the Chairmanship of HRH Prince Abdul Aziz bin Salman, Saudi Arabia’s Minister of Energy, and Co-Chair HE Alexander Novak, Deputy Prime Minister of the Russian Federation.
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Zamaninia: OPEC+ Final Decision Was Ideal for April
TEHRAN (Shana) -- The final decision made for April was ideal, Iran’s Governor for OPEC, Amir Hossein Zamaninia, said after 14th OPEC and non-OPEC Ministerial Meeting held on Thursday via video conference.
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Zangeneh: Oil Market is Stable Currently
TEHRAN (Shana) -- Iran’s Minister of Petroleum, Bijan Zangeneh, said after the 14th OPEC and non-OPEC Ministerial Meeting held on Thursday via video conference that there is stability in oil market at present.
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OPEC+ Agrees to Keep 18 Members’ Oil Output Unchanged for April
TEHRAN (Shana) -- OPEC and its allies reached a compromise on Thursday on extending the current crude oil output cuts of 18 members for April, allowing Russia and Kazakhstan to raise their production by 150,000 bpd.
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14th OPEC+ Meeting Begins
TEHRAN (Shana) -- The 14th meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) began a few minutes ago.
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DoC JTC Discusses Oil Market Developments
VIENNA (Shana) -- The Joint Technical Committee (JTC) held its 49th meeting via videoconference in preparation for the 27th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 14th OPEC and non-OPEC Ministerial Meeting (ONOMM) scheduled for Wednesday, 3 March 2021, and Thursday, 4 March 2021, respectively.
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Petchem Industry, Helpful under Sanctions: Rouhani
TEHRAN (Shana) – Iranian President Hassan Rouhani said: "During these years of economic warfare and sanctions, one of the places that came to our aid was the petrochemical industry."
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Minister Rejoices over Iran Activities in Joint Oil Fields
TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh said Iran’s current status in joint oil and gas fields is favorable, saying the country is currently producing 400,000 barrels per day of crude oil in the West Karoun Oilfields Cluster.
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Total Oil Output of Azar Joint Field at 36mb
TEHRAN (Shana) – Iran has so far produced over 36 million barrels of crude oil from Azar join oilfield, the executor of Azar Field’s development project announced.
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Rouhani Orders Construction of Key Petchem Project
TEHRAN (Shana) – Iranian President Hassan Rouhani has officially broken grounds for construction of a strategic petrochemical project on Monday morning via videoconference.
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Rouhani Launches Azar Oil Field Development Plan
TEHRAN (Shana) – Iranian President Hassan Rouhani signed off on commissioning Azar oil field development project with a daily production capacity of 65,000 barrels of crude oil.
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Iran Launches Major Petchem Feedstock Project
TEHRAN (Shana) – Iranian President Hassan Rouhani officially launched the ethane recovery unit of Kangan Petro-Refining Company via videoconference.
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Rouhani to Order Construction of Key Petchem Project
TEHRAN (Shana) – Iranian President Hassan Rouhani is scheduled to officially break grounds for construction of a strategic petrochemical project on Monday morning via videoconference.
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Iran Bracing to Launch Major Petchem Feedstock Project
TEHRAN (Shana) -- The CEO of Kangan Petro-Refining Company said the ethane recovery unit of the company, which is touted as the largest feedstock supply unit for petrochemicals in the country, will be put into operation soon.
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Rouhani to Launch Azar Oil Field Development Plan
TEHRAN (Shana) -- The Azar oil field development project with a daily production capacity of 65,000 barrels of crude oil will be put into operation on Monday, February 29, 2021, in the presence of Iranian President Hassan Rouhani via video conference.
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Zaki Yamani, Oil Market Legend: Expert
TEHRAN (Shana) – Dr. Mamdouh G. Salameh, Non-Resident Fellow, Expert, the Economics of Oil and Energy, who is an international oil economist and a prominent expert on energy, described late Zaki Yamani as a legend in the global oil market.
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Plant Entrusts Iranian Firm with Building Complex Catalyst
TEHRAN (Shana) -- The CEO of Tondgouyan Petrochemical Company announced signing of a memorandum of understanding with an Iranian knowledge-based company for developing an exclusive "palladium" catalyst.
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Iran Bracing for Self-Sufficiency in Urea, Ammonia Catalysts
TEHRAN (Shana) -- The CEO of Hengam Petrochemical Company said the plant has signed deals with Iranian catalyst providers for the supply of the catalysts needed for production of urea and ammonia which will render the country self-sufficient in supply of the items.
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Iran to End French Monopoly on "Reformate" Catalyst
TEHRAN (Shana) -- The CEO of Noori Petrochemical Plant referring to an agreement with Iranian knowledge-based companies to localize the catalyst of "CCR" units, announced setting of a new record in production of aromatic items by his company.
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OPEC’s 8th International Seminar Postponed to 29-30 June 2022
TEHRAN (Shana) -- The Organization of the Petroleum Exporting Countries (OPEC) has postponed its 8th International Seminar until next year due to the COVID-19 pandemic. The Seminar, originally scheduled for 16-17 June 2021, will now be held on 29-30 June 2022 at the Hofburg Imperial Palace in Vienna, Austria.
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9% Rise in Iran Petchem Output
TEHRAN (Shana) -- The director of production control at the National Petrochemical Company said production of various petrochemical products is expected to reach 61 million tons by the end of the current calendar year, which began on March 21, to grow roughly 9% year-on-year.
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1st LPG Jetty of Tombak Export Port Operational
TEHRAN (Shana) – The CEO of Pars Oil and Gas Company said the first jetty for loading and exporting liquefied petroleum gas from the service and export port of Tombak in South Pars was put into operation.
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North Pars, New Gas Hub of Iran
TEHRAN (Shana) -- Some 120 kilometers southeast of the southern Bushehr Province, Iran owns a gas field holding over 57 tcf of gas in place. North Pars is among fields with high potential for investment. The field is estimated to require $16 billion in investment, including $5 billion in the upstream sector and $11 billion in the downstream sector (mainly LNG plants).