oil

  • Owji Leaves Tehran for Tokyo

    Owji Leaves Tehran for Tokyo

    TEHRAN (Shana) – Iranian Minister of Petroleum Javad Owji and the accompanying delegation left Tehran on Sunday for Tokyo to attend the Asia Green Growth Partnership Ministerial Meeting (AGGPM) and hold multilateral meetings.

  • Owji: Tehran to Boost Energy Ties with Friendly Nations

    Owji: Tehran to Boost Energy Ties with Friendly Nations

    TEHRAN (Shana) – Iranian Minister of Petroleum Javad Owji has indicated that Tehran will boost energy relations with friendly nations, such as China and Russia, amid economic sanctions against the Middle Eastern country.

  • NIOC Announced Iran Crude Price for October Delivery

    NIOC Announced Iran Crude Price for October Delivery

    TEHRAN (Shana) – The National Iranian Oil Company (NIOC) has increased the official selling price of all types of crude oil for delivery to Asian customers in October.

  • $7 to $10b Investment Needed in Iran Petchem Industry: Official

    $7 to $10b Investment Needed in Iran Petchem Industry: Official

    TEHRAN (Shana) – An official with the National Petrochemical Company (NPC) says Iran’s petrochemical industry needs an investment of 7 to 10 billion dollars for realization of its plans each year.

  • NIDC Bracing for Stronger Presence in Persian Gulf

    NIDC Bracing for Stronger Presence in Persian Gulf

    TEHRAN (Shana) -- The CEO of the National Iranian Drilling Company (NIDC) said: With the provision of three offshore drilling rigs, the company's presence in the Persian Gulf waters will become stronger in the near future.

  • Iran Joins SCO as Permanent Member

    Iran Joins SCO as Permanent Member

    TEHRAN (Shana) -- The 22nd Shanghai Cooperation Organization (SCO) summit ended on Friday with a positive note. Iran officially joined the SCO, and all the participants signed the Samarkand Declaration in the end.

  • SCO Accession helps Turn Iran into Regional Energy Hub: MP

    SCO Accession helps Turn Iran into Regional Energy Hub: MP

    TEHRAN (Shana) -- A member of the Parliament's Energy Committee published a tweet, saying: “Iran's permanent membership in the Shanghai Cooperation Organization (SCO) is a result of the administration’s targeted diplomacy with its neighbors which is laudable.”

  • Defining Moments for Oil and Gas

    Defining Moments for Oil and Gas

    TEHRAN (Shana) -- Energy prices went up sharply after February 24 when first Russian troops entered Ukraine. By late March 2022, it hit above $ 120.40 per barrel for Brent briefly but retreated to around $110 per barrel, though, the average price of crude oil was $105 per barrel for the first half of 2022. The slow and cautious reaction of oil market towards such major geographical escalation that would potentially cut over 6.7 mb/d of crude and products from Russia is an interesting phenomenon worth analyzing. Let’s be reminded that the international crude oil prices touched $147 per barrel back in 2008 after the United States descended into recession.

  • $7bn MOU Signed for Azadegan Development

    $7bn MOU Signed for Azadegan Development

    TEHRAN (Shana) -- A $7 billion memorandum of understanding has been signed by National Iranian Oil Company (NIOC) and Iranian banks and E&P companies to develop the entire giant Azadegan oil field.

  • Oil Players Displaced

    Russia-Ukraine War Impact

    Oil Players Displaced

    TEHRAN (Shana) -- The Russia-Ukraine war is not just a military conflict between Moscow and Kiev. Moreover, the consequences of the war are not limited to the geography of Europe. At the same time, the war is not limited to the political and military domains, and has had significant economic consequences. One of these consequences has been affecting the global energy markets. In addition to the spike in global oil prices to $120 a barrel, which is a direct consequence of the war, changes have also occurred in the field of trading oil, which, if continues, could change the trading pattern of many countries.

  • Karoon Petchem Plant Unveils 5th Knowledge-based Item

    Karoon Petchem Plant Unveils 5th Knowledge-based Item

    TEHRAN (Shana) -- Karoon Petrochemical Company has unveiled its fifth knowledge-based product, in cooperation with a knowledge-based company, which can save $10 million by meeting domestic needs.

  • Iran, Japan hold Seminar on Net Zero Emissions by 2050

    Iran, Japan hold Seminar on Net Zero Emissions by 2050

    TEHRAN (Shana) – An educational seminar entitled "Introduction of Japan's policies in using hydrogen and ammonia to achieve zero carbon emissions by 2050" was held in Tehran.

  • Framework of Iran-Uzbekistan Energy Cooperation Sketched

    Framework of Iran-Uzbekistan Energy Cooperation Sketched

    TEHRAN (Shana) -- The Iranian Deputy Petroleum Minister of International Affairs and Trade determined the framework of cooperation between the two countries in the energy sector in a meeting with the Acting Minister of Energy of Uzbekistan.

  • $600m Petchem Value Chain Completion Projects underway under way in Petrol

    $600m Petchem Value Chain Completion Projects underway under way in Petrol

    TEHRAN (Shana) -- The CEO of Petrol said $600 million projects are being implemented by the company in order to complete the value chain of the petrochemical industry.

  • Min. Voices Iran Readiness to Help Global Energy Security

    Min. Voices Iran Readiness to Help Global Energy Security

    TEHRAN (Shana) – Iranian Minister of Petroleum Javad Owji said the global energy market needs an increase in the supply of oil from Iran, adding: “As a major producer of oil and petroleum products, we are always ready to play our role in providing oil and gas away from politics. and help improve energy security in the world.”

  • 32nd OPEC+ Meeting Kicks off Online

    32nd OPEC+ Meeting Kicks off Online

    TEHRAN (Shana) -- The 32nd meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC+) started a few minutes ago via videoconference.

  • Reviving Iran’s Energy Diplomacy: Step by Step

    Reviving Iran’s Energy Diplomacy: Step by Step

    TEHRAN (Shana) -- Holding 17.3% of the world's proven natural gas reserves, Iran is only second to Russia. Meanwhile, Turkmenistan ranks sixth with 3.8%. In 2021, Turkmenistan produced 83.7729 billion cubic meters (bcm) of natural gas and exported about 34 bcm to China, the largest importer of Turkmen gas, and that is why China has a high bargaining chip against Turkmenistan, encouraging the latter to seek to diversify its export destinations not to depend on a single buyer. According to BP and Azerbaijan's Ministry of Energy, the volume of Republic of Azerbaijan's natural gas reserves in 2021 was estimated at 2,500 bcm.

  • High-ranking MOP delegation to visit Uzbekistan

    High-ranking MOP delegation to visit Uzbekistan

    TEHRAN (Shana) – A high-profile delegation of the Iranian Ministry of Petroleum, headed by the Deputy Minister of Petroleum for International Affairs and Trade, is going to Uzbekistan to prepare the first oil memorandum of understanding with Uzbekistan for signing at the upcoming Shanghai summit.

  • 500k Barrels Increase in Persian Gulf Crude Oil Storage Capacity

    500k Barrels Increase in Persian Gulf Crude Oil Storage Capacity

    TEHRAN (Shana) -- The capacity of crude oil storage in the Persian Gulf increased by 500,000 barrels with the operation of the reconstruction and overhaul project of Tank No. 4 of the Behrgan region of Iranian Offshore Oil Company (IOOC).

  • OGTIP Signs MoU with Uzbek Firm

    OGTIP Signs MoU with Uzbek Firm

    TEHRAN (Shana) -- Oil and Gas Technology and Innovation Park (OGTIP) and Mr-Fish Fergana Oil and Gas Holding of Uzbekistan signed a memorandum of understanding in the field of energy.

  • Drilling Structure, Infrastructure Fully Iranian

    Drilling Structure, Infrastructure Fully Iranian

    TEHRAN (Shana) -- Among oil and gas-rich nations in the world, Iran remains one of the leading extractors of oil and gas.More than a century has passed since the William Knox D’Arcy team, led by Marriot, drilled the first oil well in Iran. The first oil well in Iran was drilled in the Chia Sorkh, or ChahSorkh (literally red well) northwest of Qasr-e Shirin. The well struck oil in summer 1903 at the depth of 507 meters.

  • What Iran Has in Common with Uruguay and Nicaragua

    What Iran Has in Common with Uruguay and Nicaragua

    TEHRAN (Shana) -- Latin America comprises 20 developing countries with a population of about 650 million people, maintaining good relations with Iran and seeking better ties. The region's economic size is significant, with Latin America's gross domestic product (GDP) estimated at $5 trillion by 2020. In terms of energy, about 20% of the world's oil reserves are located in this region which is considered a large market for international energy transactions. Some Latin American countries, including Venezuela, have significant oil reserves and are important oil producers. They also have large international oil companies such as PDVSA and Pemex, which operate in the global oil market and facilitate exchanges and joint ventures in the oil and gas industry. In general, the economic and energy indicators of this region indicate that there is great potential for development and the desire of the countries in this region to expand relations with non-US and European countries has provided good opportunities for development of ties with Iran.

  • Energy Security Redefined

    Energy Security Redefined

    TEHRAN (Shana) -- European Union unanimously decided to impose sanctions on seaborne crude oil deliveries from Russia. Europe’s energy future is now woven by hasty opportunistic policies using Russian- Ukraine conflict as a new crowbar to open the door to dismantled US Northern Atlantic alignment and flawed energy transition policies.

  • Ten Fields of Iran, Cuba Energy Cooperation

    Ten Fields of Iran, Cuba Energy Cooperation

    TEHRAN (Shana) -- Iran’s Minister of Petroleum Javad Owji during his trip to Latin America in May, met with Cuban President Miguel Díaz-Canel and signed two memoranda of understanding on energy and agriculture. Mehdi Safari, Iran's deputy foreign minister for economic diplomacy, considers bartering with Cuba very instrumental in the relations between the two countries.

  • Petropars Key in Iran Oil Industry 

    Petropars Key in Iran Oil Industry 

    TEHRAN (Shana) -- Petropars has a major share in developing Iran’s joint oil and gas fields. The company’s CEO has been outspoken in explaining the company’s status in developing phase 11 of South Pars gas field, Bilal, Farzad B, Forouzan, and South Azadegan fields and cooperation with Latin American firms. So far, the Iranian major has implemented around $27 billion worth of projects.

  • Iran to become PP Heavyweight

    Iran to become PP Heavyweight

    TEHRAN (Shana) – The CEO of the National Petrochemical Company (NPC) said that the country was to launch 12 PDH projects which will turn it into a major producer of polypropylene (PP).

  • Iran Gas Export Revenue up 64% under Raisi

    Iran Gas Export Revenue up 64% under Raisi

    TEHRAN (Shana) – The CEO of the National Iranian Gas Company (NIGC) said the country’s gas export revenue rose by 64% in the first year since President Raisi took office in September 2021.

  • Owji Receives Russian Presidential Aide

    Owji Receives Russian Presidential Aide

    TEHRAN (Shana) -- Iranian Minister of Petroleum Javad Owji met with Igor Levitin, the visiting Russian president's senior aide, in his Tehran office on Wednesday.

  • Owji hosts Meeting with Fellow OPEC Member

    Owji hosts Meeting with Fellow OPEC Member

    TEHRAN (Shana) – Iranian Minister of Petroleum Javad Owji said: “Iran and Nigeria enjoy many capacities that they can use in the future to expand bilateral relations in the field of energy.”

  • Iran, Russia to Sign Gas Deal Soon

    Iran, Russia to Sign Gas Deal Soon

    TEHRAN (Shana) – Iranian Minister of Petroleum Javad Owji said constructive negotiations are going on with the special assistant of the President of Russia, adding: "In the very near future, the final contract for the purchase and swap of gas from Russia will be signed between the National Iranian Gas Company (NIGC) and the Russian side in Moscow."