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Oil slides as Saudi price cuts counter Middle East worries
Oil prices fell by more than 2% on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output, offsetting supply concerns generated by escalating geopolitical tension in the Middle East.
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VP: Knowledge-based companies need big, stable market
SHANA (Tehran) – Iran’s Vice-President for Science, Technology and Knowledge-Based Economy Rouhollah Dehqani Firouzabadi on Sunday said knowledge-based companies need a large and stable market.
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NIGC to invest up to $2b in knowledge-based sector: CEO
SHANA (Tehran) – The National Iranian Gas Company managing director on Sunday said NIGC plans to invest up to $2 billion in the knowledge-based sector within the next few years.
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OPEC December oil output rises before new cuts, Angola exit: Reuters survey
OPEC oil output rose in December, a Reuters survey found on Friday, as increases in Iraq, Angola and Nigeria offset ongoing cuts by Saudi Arabia and other members of the wider OPEC+ alliance in support of the market.
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Shahid Soleimani Refinery-Integrated Petrochemical Plant executive operations to start in few months: Official
SHANA (Tehran) – The National Iranian Oil Refining and Distribution Company (NIORDC) managing director on Saturday said the executive operations of Shahid Soleimani Refinery-Integrated Petrochemical Plant will begin within the next few months.
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117 villages of Zanjan Province supplied with gas under 13th administration
SHANA (Tehran) – The managing director of Zanjan Province Gas Company said 117 villages of Iran’s northwestern province have been supplied with gas since the 13th administration took office in August 2021.
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NIGC: Turkmenistan, Azerbaijan in talks to resume gas swap
SHANA (Tehran) – Turkmenistan and the Republic of Azerbaijan are holding a discussion about the resumption of gas swap, said the National Iranian Gas Company (NIGC) on Saturday.
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OPEC secretary general conveys condolences to Iran over terrorist attacks
SHANA (Tehran) – Secretary General of the Organization of Petroleum Exporting Countries (OPEC) Haitham Al Ghais, in a message to Iran’s Oil Minister Javad Owji, extended his condolences to Iran on Thursday over the deadly terrorist attacks in the southeastern city of Kerman.
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Oil minister extends condolences over deadly terrorist attacks in SE Iran
SHANA (Tehran) – Oil Minister Javad Owji, in a message, expressed his heartfelt condolences on the martyrdom of more than 100 people in the twin terrorist attacks in Kerman, a city in southeastern Iran, on Wednesday.
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Iran’s Assaluyeh Dock No. 17, first homegrown cryogenic loading arm operational
SHANA (Tehran) – Dock No. 17 of Phase 2 of Assaluyeh Port in Iran’s southern province of Bushehr and the first domestically-built cryogenic loading arm were put into operation in the presence of the National Petrochemical Company (NPC) managing director.
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Petchem industry fetched Iran $61b in five years, says APIC SG
SHANA (Tehran) – Iran's Association of Petrochemical Industry Corporation (APIC) secretary general said domestic petrochemical industry has fetched $61 billion over the past five years.
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Iran’s Arya Sasol Polymer Company sets new output, sales records
SHANA (Tehran) – Iran’s Arya Sasol Polymer Company has achieved record production and sales, said the ASPC managing director.
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Reuters says OPEC facing declining demand and shrinking market share in early 2024
OPEC is facing weakening demand for its crude in the first half of 2024 just as its global market share declines to the lowest since the COVID-19 pandemic on the back of output cuts and member Angola's exit, according to Reuters calculations and data from forecasters.
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Iran’s annual petrochemical production capacity to top 95 million tons, says NPC chief
SHANA (Tehran) – Iran’s annual petrochemical production capacity will surpass 95 million tons (mt) by the end of the current Iranian calendar year (March 19, 2024), said the National Petrochemical Company (NPC) managing director.
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Iran ready to develop Iraq upstream, downstream sectors: Oil minister
SHANA (Tehran) – Iran is self-sufficient in all segments of the oil industry despite brutal sanctions and ready to develop Iraq’s upstream and downstream sectors, said Oil Minister Javad Owji on Wednesday.
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Iran, Iraq oil ministries sign educational MoU
SHANA (Tehran) – Iran and Iraq inked an educational memorandum of understanding (MoU) in the presence of Iranian Oil Minister Javad Owji and his Iraqi counterpart Hayan Abdel-Ghani here on Wednesday.
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Owji says joint energy projects will serve Iran, Iraq interests
SHANA (Tehran) – Iranian Oil Minister Javad Owji on Wednesday said Iran and Iraq are the large holders of hydrocarbon reserves and joint projects in this sector will be in their interests.
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Iran ready to export oil products, techno-engineering services to Nicaragua: Owji
SHANA (Tehran) – Oil Minister Javad Owji on Monday expressed Iran’s readiness for exporting oil products and technical and engineering services to Nicaragua.
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Oil Ministry fixed fuel system disruption within hours: Lawmaker
SHANA (Tehran) – Iran’s Oil Ministry managed to resolve a disruption to the country’s fuel system within hours, said the Parliament’s Energy Committee vice chairman on Monday.
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Meeting technology needs at home a must: Iran petrochemical chief
SHANA (Tehran) – The National Petrochemical Company (NPC) managing director on Sunday said the petrochemical industry’s technology needs must be satisfied by Iranian companies.
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Smart fuel system back to normal across Iran: Official
SHANA (Tehran) – The National Iranian Oil Products Distribution Company (NIOPDC) managing director on Sunday said 4,213 gas stations out of 4,305 across the country have been reconnected to the smart fuel system after a disruption halted the fuel supply on Monday morning.
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MP: Oil Ministry’s extensive fieldwork fixed fuel system problem
SHANA (Tehran) – A member of Iran’s Parliament on Sunday said the Oil Ministry officials’ promptitude and extensive fieldwork helped fix a disruption to the smart fuel system quickly.
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Nigeria petroleum minister reaffirms commitment to OPEC
Nigeria reaffirmed its commitment to OPEC, its junior petroleum minister said, a day after Angola said it would leave the Saudi-led oil producer group that has in recent months sought to rally support for more output cuts to prop up prices.
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Congo reaffirms commitment to OPEC, oil minister says
Congo on Saturday reaffirmed its commitment to the Organization of the Petroleum Exporting Countries (OPEC), days after neighbor Angola decided to leave the organization.
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Iraq backs OPEC+ agreement, commitment to voluntary oil cuts
Iraq’s Oil Ministry spokesman Asim Jihad affirmed Iraq's support for the OPEC+ agreement and its commitment to voluntary oil cuts, according to the Iraqi News Agency on Friday.
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Russia plans to cut seaborne oil exports by 100,000-200,000 bpd in Jan: Sources
Russia plans to cut oil exports from its sea ports in January by 100,000-200,000 barrels per day (bpd) from December levels amid increased throughput at its refineries, three industry sources familiar with export plans told Reuters.
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Angola to quit OPEC, reducing membership to 12 countries
Angola has said it is leaving the Organization of the Petroleum Exporting Countries (OPEC) with effect from Jan. 1 2024, after exits from Ecuador in 2020 and Qatar in 2019.
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Leader calls on Islamic governments to cut off Zionist regime from oil, goods
SHANA (Tehran) – Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei on Saturday said Islamic governments are duty-bound to “prevent goods, oil, and fuel from reaching the Zionist regime, which has even prevented water from reaching the people of Gaza”.
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Oil, gas industry’s economic growth hits 17.8% in summer 2023: CBI
SHANA (Tehran) – A report released by the Central Bank of Iran (CBI) on Saturday showed that the oil and gas industry’s economic growth in summer 2023 reached 17.8 percent.
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Minister launches Bassirabad gas pressure reduction station in NE Iran
SHANA (Gorgan) – Bassirabad gas pressure reduction station in Iran’s northeastern province of Golestan was officially launched in the presence of Oil Minister Javad Owji on Thursday.