Oil Industry

  • Iran Eyes 100 mt Petchem Output in 1399

    Iran Eyes 100 mt Petchem Output in 1399

    TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh said the country’s petrochemical production capacity was planned to cross 10 million tons per year in the current Iranian calendar year which began on March 20.

  • Rouhani: Oil, Gas Projects under Way despite Sanctions

    Rouhani: Oil, Gas Projects under Way despite Sanctions

    TEHRAN (Shana) – Iranian President Hassan Rouhani appreciated Iranian oil industry achievements, saying: "The United States cannot bring our nation to its knees because of the plans that we will implement in [the calendar year of] 1399, after two years and a few months of severe sanctions."

  • Fajr Jam Refinery Launches Solar Power Plant

    Fajr Jam Refinery Launches Solar Power Plant

    TEHRAN (Shana) -- Fajr Jam Gas Refining Company has officially opened a solar power plant in its facility.

  • Oil Market Black Monday

    Oil Market Black Monday

    TEHRAN (Shana) -- The novel coronavirus drastically changed the consumption patterns of hydrocarbon products across the globe. Many regular consumers of oil products such as gasoline or jet fuel were no longer willing to buy them. Everyone ranging from big buyers to car owners have been affected. Oil products’ consumption has significantly declined and the refining industry has faced serious stagnation due to weakened demand. However, the impact on various sectors of the refining industry was not identical.

  • Doroud, Arvand Oil Fields Up for Investment

    Doroud, Arvand Oil Fields Up for Investment

    TEHRAN (Shana) -- The Doroud oil field, which is located in Kharg Island and northwest of the Persian Gulf, is among developed oil fields which the Iranian Offshore Oil Company (IOOC) presented to foreign investors within the framework of the new model of oil contracts – the Iran Petroleum Contract (IPC).

  • WTI: What Negative Price Meant

    WTI: What Negative Price Meant

    TEHRAN (Shana) -- On 20 April 2020, West Texas Intermediate (WTI) futures experienced unprecedented developments. WTI contract prices for delivery in May dropped to below zero. One may ask it would be the same for June. In this specific period, negative prices were driven by an unusual circumstance due to an expiring futures contract. However, unless the oil demand situation changes quickly, the US could face single digit or even negative oil prices throughout the summer.

  • Complex Oil Show

    Iran Pahlavi I Petroleum Industry

    Complex Oil Show

    TEHRAN (Shana) -- The D’Arcy Concession was awarded in 1901 when the Qajar dynasty was drawing to a close. Iran’s petroleum industry was born during the Qajar period. When in 1907 D’Arcy discovered oil in Persia amid conflict for the conquest of Tehran, the Pahlavis were not yet known. However, ten years later, the British found Iran’s politics much different from before and they continued to devour Persian petroleum.

  • Iran March-May Petchem Output up 6% Y/Y

    Iran March-May Petchem Output up 6% Y/Y

    TEHRAN (Shana) -- The director of production control at the National Petrochemical Company said: "From the beginning of this [calendar] year (March 20) to May 10, the country's petrochemical complexes achieved a 6% increase in production compared to the same period last year."

  • Zangeneh Outlines MOP Measures to Combat COVID-19

    Zangeneh Outlines MOP Measures to Combat COVID-19

    TEHRAN (Shana) – Iranian Minister of Petroleum Bijan Zangeneh listed the measures taken by the Iranian Ministry of Petroleum to confront the coronavirus outbreak in the country.

  • Oil for Our Nation

    Oil for Our Nation

    TEHRAN (Shana) -- Everything initiated when a national demand was brought up in parliament. Some 15 years had passed since the 1933 agreement. World War II (WWII) had come to an end and triumphant Allies were letting the US take over politics and economy. Britain, France and their European allies felt exhausted due to the war with German Nazism and Italian Fascism. Now, it was the US who wanted to fish in troubled waters caused by WWII. Under such circumstances, nationalists and independent movements in Iran found the chance to breathe fresh air and they focused on the petroleum industry.

  • Covid-19 Crisis and Oil Prices

    Covid-19 Crisis and Oil Prices

    TEHRAN (Shana) -- Oil prices keep falling. Nobody could imagine that oil prices would hit their 17-year lows in less than three months. Analysts shift the blame on the novel coronavirus outbreak, which has degenerated into a global crisis. The Covid-19 outbreak caused economic stagnation and demand for oil and petroleum products dropped severely.

  • NIOC 1398 Review

    NIOC 1398 Review

    TEHRAN (Shana) -- Iran’s petroleum industry went through a tough and breathtaking period in the calendar year 1398 (ended March 19) as the United States tightened its sanctions on this sector. However, the developments of Iran’s last calendar year show that the country has managed to go ahead with its capacity building projects with a view to maximizing its output once the sanctions have been lifted. That is exactly what happened after Iran struck its historic 2015 nuclear deal with six world powers as the country immediately lifted its oil output capacity.  

  • RIPI Pursing EOR Research Projects

    RIPI Pursing EOR Research Projects

    TEHRAN (Shana) – The Upstream Faculty of the Research Institute of Petroleum Industry (RIPI) is pursuing four large-scale research contracts in the field of enhanced oil recovery (EOR).

  • Jam Petchem Plant Breaks Output, Sales Record

    Jam Petchem Plant Breaks Output, Sales Record

    TEHRAN (Shana) -- The director of Jam Petrochemical Company said: "Fortunately, this complex was able to achieve a new record in production and sales last [calendar] year by supplying more than 2.5 million tons of various items."

  • NIDC Builds Acidifacation Batch Mixer

    NIDC Builds Acidifacation Batch Mixer

    TEHRAN (Shana) – The National Iranian Drilling Company has manufactured an acidification batch mixer by relying on local experts.

  • Pardis Petchem Plant bags National Energy Management Award

    Pardis Petchem Plant bags National Energy Management Award

    TEHRAN (Shana) -- Pardis Petrochemical Company has received the two 2-star silver statues of the 5th National Energy Management Award.

  • Iran OPEC Boss in Coma after Brain Haemorrhage

    Iran OPEC Boss in Coma after Brain Haemorrhage

    TEHRAN (Shana) -- Iran's veteran OPEC Governor Hossein Kazempour Ardebili has slipped into a coma after a severe brain haemorrhage.

  • Isfahan Refinery Eyes Euro-5 Gasoil Production

    Isfahan Refinery Eyes Euro-5 Gasoil Production

    TEHRAN (Shana) -- The CEO of Isfahan Oil Refining Company said the plant was to launch a diesel treatment by March 2021 which would bring the quality of its gasoil output to Euro-5.

  • Refining Sector Annual Review

    Refining Sector Annual Review

    Last calendar year saw Iran's oil refining industry take important steps towards development and self-sufficiency. The refining industry has signed memorandums with the Petroleum Ministry and some other ministries and bodies. One of these MOUs was on producing needle and sponge coke at the Bandar Abbas and Imam Khomeini oil refineries. They were signed between National Iranian Oil Refining and Distribution Company (NIORDC) and Iranian Mines and Mining Industries Development and Renovation Organization (IMIDRO) with a view to putting an end to Iran's sponge coke imports. Another achievement of the oil refining industry is full commissioning of phases 1, 2 and 3 of the Bandar Abbas gas condensate refinery, generally known as the Persian Gulf Star refinery. Some 70% of the equipment used at the condensate refinery was made in Iran.

  • WTI, April 20 and What Happened

    WTI, April 20 and What Happened

    TEHRAN (Shana) -- What happened on April 20, 2020 in the oil futures market? Why the benchmark US oil prices did headed to negative territory for May 20 delivery? Will the futures contract price for WTI crude for June 2020 also be negative? Why are the prices for some crude oil in the United States and Canada single-digit or negative? To get the answers to these questions, don't miss this report, which was sent to Shana by an oil market analyst familiar with the oil market.

  • Petchem Industry Driving Force behind Iran Development

    Petchem Industry Driving Force behind Iran Development

    TEHRAN (Shana) -- A member of the Energy Committee of the Iranian parliament said: "The petrochemical industry, as a sustainable and attractive industry, plays an important role in the country's economy and creates value by using the resources available in its development."

  • Dreaming of World and Olympic Championship

    Interview with NIDC Weightlifter

    Dreaming of World and Olympic Championship

    TEHRAN (Shana) -- Iranian weightlifters finished in second place at the 2020 Asian Junior Weightlifting Championships in Tashkent, Uzbekistan. The Iran team won four gold, 10 silver and 5 bronze medals, scoring 641 totally.

  • OPEC vs. Non-OPEC

    OPEC vs. Non-OPEC

    TEHRAN (Shana) -- The oil price slump following failure of OPEC+ talks in March is the biggest blow to the oil market since the third oil shock; a new scenario is emerging for the oil market.

  • How Iran’s Oil Attracted US

    How Iran’s Oil Attracted US

    TEHRAN (Shana) -- The United States suffered least damage among the nations involved in the World War I and World War II. It escaped unscathed even from devastating post-war crises, and even upgraded its political, economic, military and cultural power on a daily basis. In the 1950s, nobody heard any more about Italian Fascism and German Nazism, as Europe was divided between Capitalists and Communists. As the world came closer to mid-1860s, it became further polarized: one pole led by the US and the other led by the Soviet Union.

  • IPIEMA Localizes Strategic Petchem Equipment

    IPIEMA Localizes Strategic Petchem Equipment

    TEHRAN (Shana) -- A member of the Iranian Petroleum Industries Equipment Manufacturers Association (IPIEMA) said Iranian manufacturers had successfully localized building of compressors and extruders in the petrochemical industry.

  • Iran Starts Mass Production of Drilling Bit

    Iran Starts Mass Production of Drilling Bit

    TEHRAN (Shana) -- The Iranian-made toothed drilling bit has entered mass production phase.

  • TENCO Poised to Strike Oil Development Agreement

    TENCO Poised to Strike Oil Development Agreement

    TEHRAN (Shana) -- Omid Asakareh, CEO of Negin Afagh Kish Energy Development Co (TENCO), says his company is set to sign an agreement for the development of an oil field in southern Iran. He told "Iran Petroleum" TENCO would most probably operate the project in partnership with a foreign firm, saying each side’s share would depend on negotiations. He, however, said, TENCO would be able to carry on with the project on its own.

  • Oil Figures in Iran’s Contemporary History: From Conspiracy to Death

    Oil Figures in Iran’s Contemporary History: From Conspiracy to Death

    TEHRAN (Shana) -- Iran’s oil history has been into ups and downs. It would not be exaggeration if we say that we have had several hundred years of history throughout one hundred years of oil operation. In historical events, some persons have played significant roles, leading either to success or to failure. Some have served the country and some have turned out to be traitors. In fact, such figures make history and drive it forward. Decisions and behaviors of historical figures have been influential on Iran’s contemporary history. Getting to know this history can open a bright horizon for us. Here we review some of these figures:

  • 2019 Oil Market Hotbeds

    2019 Oil Market Hotbeds

    TEHRAN (Shana) -- The year 2019 was fraught with events for global oil markets. However, as far as the pricing was concerned the impacts were weak and short-lived on the market. That could have largely affected the oil market in the middle of the decade, but by the end of the last decade of the 21st century, the impact has been meager. In other words, 2019 ended the same way it had started. No significant development was witnessed in the trend of prices with which are mainly concerned producers, consumers, speculators and market analysts. Nonetheless, in the final hours of 2019, oil prices experienced an unpredicted jump to cross $70 a barrel, an unprecedented record since 2018.

  • Azadegan Up for Investment

    Azadegan Up for Investment

    TEHRAN (Shana) -- The Azadegan oil field is Iran’s largest oil field and the third largest field in the world, just behind Saudi Arabia’s Ghawar and Kuwait’s Burgan oil fields. Azadegan was discovered in 1997. It covers an area of 20 kilometers in width and 75 kilometers in length in Azadegan Plan, some 100 kilometers west of the city of Ahvaz. Azadegan was initially estimated to hold 33 billion barrels of oil. In 1999, a new oil layer with 2.2 billion barrels was discovered in this field. Azadegan is divided into South Azadegan and North Azadegan.