Iran
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$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.
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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.
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Iran and Pakistan Energy Supply
TEHRAN (Shana) -- Energy security has always been an especially sensitive issue in the economic policies of various governments of Pakistan. Although Pakistan’s economy mainly depends on agriculture which makes up about 33% of the country’s gross national product (GNP), over recent years, the growth of energy consumption in the domestic, industrial and transportation sectors has made Islamabad more dependent on gas imports to the extent that gas has become a key element of Pakistan’s energy mix. However, despite the advantages that gas has over other fossil fuels, it also has problems, one of which is the high cost and security sensitivities of its transmission. This problem is especially noticeable in a country like Pakistan because due to insecurity mainly in Pakistan's Baluchistan, the central government does not have much control over its security.
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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.
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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.
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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.
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$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.
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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.”
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32nd OPEC+ Ministerial Meeting Concludes
TEHRAN (Shana) -- The 32nd OPEC and non-OPEC Ministerial Meeting was held via video conference on Monday, September 5, 2022, under the chairmanship of Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman, and Co-Chair Deputy Prime Minister of the Russian Federation, Alexander Novak.
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OPEC+ Cuts Output by 100k for October 2022
TEHRAN (Shana) -- The 23 member countries of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) in their 32nd meeting agreed to cut their oil output for the month of October.
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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.
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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.
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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.
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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).
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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.
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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.
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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.
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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.
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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.
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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.
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Iran to Export $2.5b CNG Technical, Engineering Services to Nigeria
TEHRAN (Shana) -- A member of the CNG Trade Union of Iran announced the export of 2.5 billion dollars of CNG technical and engineering services to Nigeria in the near future.
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Min. Stresses Need to Boost Refining Capacity
TEHRAN (Shana) -- Emphasizing the investment in the construction of refineries and petro-refineries in the country, the Iranian Minister of Petroleum said: “The refining capacity in the country should be enhanced.”
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LPG Storage, Loading Facility, Export Chain Online in Assalouyeh
BUSHEHR (Shana) – A liquefied petroleum gas (LPG) storage and loading facility and the complete export chain of the item were put into operation with foreign investment and a billion dollars of investment in Assaluyeh, southern Iran.
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$100m FDI to Build LPG Export Terminal
TEHRAN (Shana) – The CEO of the National Iranian Oil aCompany (NIOC) said a foreign direct investment (FDI) of 100 million dollars has been allocated for establishment of a liquefied petroleum gas (LPG) export terminal in Iran.
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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).
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Building PDH/PP Projects Creates Jobs for 5k
TEHRAN (Shana) -- The CEO of Tadbir Energy Development Group said that employment for 5,000 people will be created during implementation of the Parsian Sepehar PDH/PP project.
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Iran LPG Export Grows 20% under Raisi
TEHRAN (NIPNA) – The Iranian Minister of Petroleum said Iran’s export of liquefied petroleum gas (LPG) saw a 20% rise in the first year of President Raisi’s office compared to a year earlier.
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80,000 b/d Growth in Iran Gas Condensate Sweetening Capacity
TEHRAN (Shana) – Inauguration of the first condensate sweetening and demercaptanization unit of phases 2 and 3 of South Pars enhance the gas condensate sweetening capacity by 80,000 barrels and strengthen the export infrastructure of this item.
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Demercaptanization Unit of South Pars Refinery Phases 2, 3 Online
TEHRAN (Shana) – Iranian Minister of Petroleum Javad Owji officially launched the demercaptanization unit of South Pars Refinery Phases 2 and 3 which was build with €74 million of investment.
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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.