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NIOEC rivaling foreigners in Venezuela refinery renovation
National Iranian Oil Engineering and Construction Company (NIOEC) is tasked with operating infrastructure projects in the downstream oil sector including refining, storage, transport, and distribution of crude oil and petroleum products in Iran. With more than seven decades of work in infrastructure refining, NIOEC has developed special potential in handling such projects, rendering Iran independent of foreign companies.
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Raeisi: Iran, Türkiye keen to cooperate in oil, gas sectors
SHANA (Tehran) – The Iranian president on Thursday said Tehran and Ankara are eager to cooperate in the oil and gas sectors.
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Oil edges up; markets shrug off China inflation data, eye fresh drivers
Oil prices edged up on Thursday as markets shrugged off deflationary indicators in China and looked for further clues on the status of demand from the world's two biggest oil consumers.
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OPEC+ expects global economy to weather challenges
OPEC expects the global economy to grow and drive fuel demand, despite macro challenges, including high inflation and interest rates, the producer group's secretary general said on Tuesday.
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China refiners cut oil output as thin margins, quota shortage bite
China's oil refinery utilisation rates are easing from record third-quarter levels as thinning margins and a shortage of export quotas discourage plants from raising output for the rest of 2023, according to traders and industry consultancies.
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Oil, gas industry has ‘considerable’ potential for Iran-China cooperation: Mokhber
SHANA (Tehran) – Iran’s first vice president said on Monday oil and gas industry has a “considerable” potential for Tehran-Beijing cooperation.
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Iran offers $250bn oil investment opportunity at China expo
SHANA (Tehran) – The National Iranian Oil Company (NIOC) managing director opened up an opportunity for $250 billion investment in the upstream and downstream sectors within the next eight years.
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Oil rises by 1% as Saudi Arabia, Russia stick to cuts
Oil prices rose on Monday, after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year.
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Mokhber: Iran ready for cooperation with Cuba in energy sector
SHANA (Tehran) – First Vice President Mohammad Mokhber on Sunday voiced Iran’s readiness to cooperate with Cuba in the energy sector.
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Iran ready to export oil, gas, petrochemical services, says Mokhber in CIIE address
SHANA (Tehran) – Iran is ready to export technical and engineering services in the oil, gas, and petrochemical sectors, said First Vice President Mohammad Mokhber in the Chinese city of Shanghai on Sunday.
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Iran’s IGEDC setting new record by operating 10 gas compressor stations simultaneously
SHANA (Tehran) – The Iranian Gas Engineering and Development Company (IGEDC) is setting a new record in the country’s industry by operating 10 gas compressor stations concurrently.
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Iran’s petchem production capacity to hit 130 mt/y by end of 7th Development Plan: NPC head
SHANA (Tehran) – Iran’s petrochemical production capacity will soar to some 130 million tons per year (mt/y) by the end of the 7th Five-Year National Development Plan (2022-2026), said the National Petrochemical Company (NPC) managing director on Friday.
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BRICS membership boosts Iran’s bargaining power
The BRICS group of nations recently decided to invite six countries – Argentina, Egypt, Iran, Ethiopia, Saudi Arabia, and the United Arab Emirates – to become new members of the bloc. The debate over expanding the BRICS bloc, comprising Brazil, Russia, India, China, and South Africa, topped the agenda at a three-day summit held recently in Johannesburg. One may wonder how China and Russia have been instrumental in this decision. Mohammad Sadeq Jokar, the head of the Institute for International Energy Studies (IIES), tells “Iran Petroleum” that Iran’s BRICS membership would chiefly bolster Iran’s international haggling power. The following is the full text of the interview:
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U.S. oil output hits record as producers boost drilling efficiency
U.S. oil and gas production has continued to rise as companies squeeze more from each well despite a fall in the number of rigs employed, with the industry boosting efficiency to offset the impact of lower prices.
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OPEC oil output rises for third month; Iran production hits new high: Reuters survey
OPEC oil output has risen for a third straight month in October, a Reuters survey found on Tuesday, led by increases in Nigeria and Angola and despite ongoing cuts by Saudi Arabia and other members of the wider OPEC+ alliance to support the market.
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Leader: Muslim governments must block export of oil, other essentials to Zionist regime
Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei has called upon Muslim states to press for an end to the ongoing Israeli atrocities against the besieged Gaza Strip, impose sanctions on the Zionist regime and stop oil and goods exports to the occupied territories.
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Government to give investors incentives to redress gas imbalance: Spox
SHANA (Tehran) – The cabinet approved incentives to investment in the gas industry with the aim of redressing imbalance, said Iran’s government spokesman on Wednesday.
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Owji: Iran’s oil production hits 3.4m bpd
SHANA (Tehran) – Oil Minister Javad Owji on Wednesday announced that Iran’s oil production has reached 3.4 million barrels per day (bpd).
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MP hails Oil Ministry for doubling exports
SHANA (Tehran) – A member of Iran’s Parliament on Tuesday praised the Oil Ministry for doubling exports and getting the revenue over the past two years.
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World Bank warns oil price could soar to record $150 a barrel
Oil prices could soar to a record high of more than $150 a barrel if the war between Israel and Hamas leads to a repeat of the full-scale conflict in the Middle East witnessed 50 years ago, the World Bank has warned.
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New products at Iran petchem mix
Iran has faced tough US sanctions since 2018 when the Trump administration scuppered the 2015 nuclear agreement signed between Iran and six world powers. However, official data show Iran’s petrochemical industry could not be sanctioned. Ever since the 13th administration took office two years ago, Iran has focused on expanding its ties with neighboring countries and has doubled its petrochemical exports. Hossein Ali-Morad, director of international affairs at National Petrochemical Company (NPC), tells “Iran Petroleum” that Iran’s petrochemical exports rose from 20 million tonnes in 2020 to 70 million tonnes in 2022. He said Iran had diversified its international mix of petrochemicals.
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Kyrgyzstan calls for Iran to supply oil products, modernize refinery
SHANA (Bishkek) – Kyrgyzstan on Thursday requested Iran to supply oil products, particularly gasoline, gas oil, jet fuel, kerosene and bitumen, and overhaul and modernize one of its refineries.
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Iran ready to boost gas transit, says Mokhber in SCO address
SHANA (Bishkek) – First Vice President Mohammad Mokhber on Thursday voiced Iran’s readiness to develop the exploitation of gas transit potentials in line with its president’s initiative dubbed “Gas for Global Economic Recovery in Post-COVID Era”.
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Iran, Russia to conduct studies on gas transit
SHANA (Bishkek) – Iran and Russia agreed to make technical and economic studies on gas transit between the two countries in collaboration with Kazakhstan, Uzbekistan, and Turkmenistan.
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Tehran, Bishkek agree on refining projects in Kyrgyzstan: Iran’s first VP
SHANA (Bishkek) – Iran’s first vice president on Wednesday said Tehran and Bishkek agree to implement refining projects in Kyrgyzstan.
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SCO member states have great capacities for economic cooperation: Iran’s first VP
SHANA (Tehran) – Iran’s first vice president on Wednesday said the Shanghai Cooperation Organization (SCO) member states have great capacities for economic cooperation.
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Iran’s Owji says will discuss petrochemical exports to SCO member states in Kyrgyzstan
SHANA (Tehran) – Iranian Oil Minister Javad Owji said on Wednesday he will hold talks on exporting Iranian petrochemicals and other necessary products to the Shanghai Cooperation Organization (SCO) member states in Kyrgyzstan.
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Iran’s first VP, oil minister head to Kyrgyzstan to attend SCO meeting
SHANA (Tehran) – Iranian First Vice President Mohammad Mokhber and Oil Minister Javad Owji left here for Kyrgyzstan on Wednesday to attend the 22nd Meeting of the Council of Heads of Government of the Shanghai Cooperation Organization (SCO) Member States.
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Algeria's Sonatrach plans $1b project for natural carbon storage
Algeria's state oil and gas firm Sonatrach has plans for a $1 billion project for natural carbon storage through planting 420 million trees over 10 years, Algeria's Ennahar TV reported on Monday, citing Energy Minister Mohamed Arkab as saying.
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Andurand says oil must hit $110 before Saudi Arabia eases supply curbs
Oil trader Pierre Andurand said he expects Saudi Arabia to keep its current supply curbs in place until prices reach at least $110 a barrel.