Top Iran Business & Energy News in First Quarter of 2017
Iran to Appeal Luxembourg Assets Seizure
The Central Bank of Iran (CBI) has strongly criticized a recent decision by
a court in Luxembourg to seize $1.6 billion of the Islamic Republic’s
assets, saying the verdict did not amount to the enforcement of a related
ruling by a US court. In a statement, the CBI announced that it would use
all means at its disposal to protest and appeal the decision by the
Luxembourg court, adding that legal efforts would continue until the rights
of the Iranian nation are restored (March 27).
Swedish Firm Finds Novel Way for Iran Business
A company in Sweden has come up with an innovative solution which both
bypasses US sanctions and does away with the need for banks to process
transactions with Iran. Brave New World Investments AB is reportedly
accepting deposits in bitcoin which it converts to Iranian rial and invests
in equities on the Tehran Stock Exchange (March 25).
Third New Airbus Arrives in Tehran
The third aircraft from a batch of 100 planes Iran has purchased from
European aviation giant Airbus following the 2015 landmark nuclear agreement
with the P5+1 group of countries has landed in the Iranian capital of Tehran
Russia Devises Own SWIFT System
Russia says it has devised an alternative to a global electronic money
transfer mechanism which the United States has shown it would readily use to
disrupt overseas financial transactions of countries which it sanctions for
political disputes (March 24).
New Zealand Delays Plan to Export Lambs to Iran
New Zealand says it has postponed a plan to export lamb to Iran – in what it
says would be the first step to resume post-sanctions trade with the country
– until December. A spokesman for Silver Fern Farms, one of two exporters
working with import companies in Iran, was quoted by media as saying that
the company was still in the very early process of making agreements over
lamb exports to Iran (March 23).
Iran Diverting Water from Gulf of Oman Inwards
Iran says it is implementing a landmark project to divert water from the
Gulf of Oman to its central plateau – a project that could not only address
the country’s surging water crisis but could also help push ahead relevant
economic plans in host regions (March 23).
Korean, Turkish Firms to Build Power Plants in Iran
South Korea and Turkey have teamed up to develop a chain of power plants in
Iran in what appears to be the first such partnership in the Middle East. The
partnership was formed by virtue of an agreement that South Korea’s SK
Engineering & Construction (SK E&C) signed with Turkey’s energy giant UNIT
International S.A. on Saturday (March 19).
Iran’s Carpet Exports to US at $80m
Iran says it has exported $80 million worth of carpets to the United States
over a period of 11 months starting March 21, 2016 (March 19).
Iran to Export 800,000 bpd of Oil to EU
Iran says it expects to increase exports of crude oil to Europe to as high
as 800,000 barrels per day (bpd) within the next two months. The
announcement was made by Ali Kardor, the managing director of the National
Iranian Oil Company (March 19).
Traders Say Iran Business Returning to Normal
Serious signs have appeared showing that doing business with Iran may have
already started to return to normal a year after the removal of sanctions
that had complicated commerce with the country since 2011.
Reuters in a report emphasized that the most significant sign to the
same effect had emerged after Iran purchased 40,000 tons of rice from
Thailand in an international tender this week (March 17).
US Welcomes India’s Chabahar Port Plan
The United States has welcomed India’s plan to expand Iran’s Chabahar port
as a project that a top military official says will help the long-term
stability of Afghanistan. US
Army General John Nicholson, who commands US combat operations in
Afghanistan, told the US Senate in a hearing that he welcomed the Chabahar
project because it would offer Afghanistan a viable and economic alternative
to shipping all its goods via Pakistan (March 16).
Iran Trade with Russia Grew Largest in 2016
Iran’s trade with Russia saw the highest growth in 2016, says Iranian
Ambassador Mohammad Sanaei as the two countries are gearing up for President
Hassan Rouhani’s imminent visit to Moscow. “I
believe this trend will be maintained in the next two or three years and
bilateral trade volume will reach $10 billion,” Russia’s Rossiya Segodnya
quoted him as saying (March 15).
Iran Shipping Lines Not Seeking LSE Listing
Iran’s leading cargo shipping enterprise – the Islamic Republic of Iran
Shipping Lines (IRISL) – has rejected a report that it is planning to float
its shares on the London Stock Exchange (LSE). Mehdi
Habib-Beigi, the director of IRISL Public Relations Department, has
dismissed the report as “totally false.” (March 14)
Iran to Emerge as World’s Key Zinc Supplier
A new zinc mining project in Iran, which was recently awarded to a
consortium of locals, is expected to enable the country to supply at least 4
percent of the world’s total demand for the strategic metal once completed
within the next few years.
The development of Mehdiabad mine in central Iran would require an
investment of $1.2 billion for an annual production of 800,000 tons of zinc
concentrate as well as other metals (March 14).
Russia to Produce Patriot SUVs in Iran
Russian automaker Ulyanovsky Avtomobilny Zavod (UAZ) says it is planning to
produce its iconic off-road Patriot vehicles as well as its pickup trucks in
Iran (March 12).
Iran’s 2nd New Airbus Jetliner Lands in Tehran
A second airplane purchased by Iran through a major post-sanctions deal with
the European aviation giant Airbus has landed in the capital, Tehran.
The Airbus A330-200 took off from the French city of Toulouse on Saturday
and landed at Tehran’s Mehrabad International Airport later in the day
Chabahar Port Early Development in 2018
India says it expects to complete the first phase of the construction of
Iran’s southeastern port of Chabahar in 2018. “We
can complete the work on the first phase of the project in 2018… The funds
are likely to be released shortly. Tenders are out for the project,” India’s
Shipping, Road Transport and Highways Minister Nitin Gadkari was quoted as
saying by the media
ZTE to Pay $900m to Settle Iran Sales Case
China’s telecom giant ZTE has reportedly agreed to plead guilty and pay
nearly $900 million to settle a US sanctions case involving Iran. ZTE faced
allegations that it had conspired to evade US embargoes by buying US
components, incorporating them into its own equipment and illegally shipping
them to Iran (March 9).
Iran Banks to Push for Post-Sanctions Thaw
Three major Iranian-owned banks in Britain are reportedly planning to push
the country’s banks to do business with them through a top regulating
The Wall Street Journal
reported that Bank Sepah, Persia International Bank PLC and Melli Bank PLC
were considering filing an arbitration case with Britain’s Payment Systems
Regulator – the independent economic regulator for the payment systems
industry in – to the same effect (March 9).
Luxembourg Court Rejects US Bid to Freeze Iran Assets
The governor of the Central Bank of Iran (CBI) says a Luxembourg court has
rejected the US efforts to freeze $1.6 billion of Iranian assets in the
European country, adding that Washington has appealed the ruling (March 8)
Iran Invites IORA to Use Its Transportation Facilities
Iran says the littoral states of the Indian Ocean can benefit from its
maritime transportation facilities to access regional as well as
international shipment points (March 7).
US Bid to Seize Iran Assets in Luxembourg Illegal
A senior official with the Central Bank of Iran (CBI) says US efforts to
seize $1.6 billion of Iran’s assets in Luxembourg run counter to the
international laws and will bear no fruit (March 7).
EAEU Agrees to Form Free-Trade Zone with Iran
The prime ministers of the Eurasian Economic Union (EAEU) have signed a
directive ordering preparations for a temporary agreement on forming a
free-trade zone with Iran (March 7).
Americans Can Now Open Bank Accounts in Iran
Iran says it has been informed by Washington that US nationals can have bank
accounts in the Islamic Republic. The announcement was made by a top
official at the Central Bank of Iran (CBI), as reported by the domestic
media (March 6).
France Calls for Normal Banking Ties with Iran
France has called for “normalization” of banking ties with Iran to improve
economic relations between the two countries. French Economy Minister Michel
Sapin said relations between Iran and France have considerably developed
over the past few months, adding: ”Financial circuits however need to be
normalized. It’s our aim, our will-even if it can’t be done in a day.”
Russian Carmaker to Launch Assembly Line in Iran
A Russian trade website says a leading automobile manufacturer is set to
establish an assembly line in Iran in 2018. According to the website
Russianconstruction.com the project will be jointly undertaken by UAZ and
the Iranian company Tavan Khodro Jey Co with the two sides expected to
assemble UAZ Patriot, UAZ Pickup and UAZ Cargo (March 4).
US Thwarts Europe Investment in Iran: Report
The US government has thwarted many funding projects and deals in Iran
during the past months, a London-based daily says. Citing European banks’
sources, Asharq al-Awsat said many visits by European delegations to Tehran
since the lifting of sanctions on Iran in January 2016 had failed to bear
Iran to Receive Two Airbus Planes Soon
A top Iranian official says Tehran is set to receive two new planes from the
giant European plane maker Airbus by March 20th. Iranian Minister of Roads
and Urban Development, Abbas Akhoundi noted that the planes would be from
the family of wide-body A330 jetliners (Feb. 28).
IMF Hails Iran’s Economic Performance
The International Monetary Fund (IMF) has hailed Iran’s ability to achieve
what it has described as an impressive economic recovery after the removal
of multiple-year sanctions against the country (Feb. 28.
Iran Says ECO Needs to Be Restructured
Iran says it remains committed to supporting the Economic Cooperation
Organization (ECO) but says ECO needs to be restructured to increase its
efficiency. Foreign Minister Mohammad-Javad Zarif told a conference of ECO
foreign ministers in Islamabad that the restructuring of the Organization
needed to be based on an inclusive economic plan as well as adequate growth
models (Feb. 28).
Iran, Indonesia Sign Banking Cooperation Deal
Iran and Indonesia have signed an agreement to promote their banking
cooperation – a move both countries say was necessary to help facilitate
trade. The agreement was signed between Valiollah Seif, the governor of the
Central Bank of Iran (CBI) and Darmin Nasution, the visiting Indonesian
coordinating minister for economic affairs (Feb. 27).
Iran, New Zealand Agree to Resume Trade
Iran has signed a new agreement to resume sheep and beef imports from New
Zealand and discussed possible kiwifruit and shrimp exports to that country.
New Zealand Primary Industries Minister Nathan Guy and Iranian Agriculture
Minister Mahmoud Hojjati witnessed the signing of the agreement which
provides for chilled and frozen sheep and beef exports to resume with Iran,
a statement said (Feb. 27).
Russia Wants to Produce Ilyushin Planes in Iran
Russia says it has presented a proposal to Iran for the joint production of
its Ilyushin planes in the Islamic Republic. Russia’s Energy Minister
Alexander Novak was quoted as saying that he had presented the proposal –
which involved the production of the renovated version of the Ilyushin
Il-114 regional planes - in his meetings with Iranian officials in Tehran
Iran Reliable Trading Partner for Europe
Iran says it will always be a reliable trading partner for all European
countries, specifically Germany. Mohammad-Javad Zarif, Iran’s foreign
minister, told a forum on Iran’s investment opportunities in Munich that
investments made by Germany companies in Iran over the past decades had
already left a good impression on Iranians (Feb. 21).
Iran Rejects Europe’s Steel Dumping Charges
Iran has brushed aside European charges of possible dumping after Europe’s
steel lobby group Eurofer characterized Iranian steel exports as a threat. Eurofer
said last week that Iranian exports to Europe had leapt to more than 1
million tons annually and that the EU was investigating alleged dumping of
hot-rolled steel by the Middle Eastern country (Feb. 20)
Iran Announces Leasing Deal for 77 New Planes
Iran says it has reached a final deal with a foreign leasing enterprise to
finance the country’s purchases of 77 new planes from global aviation giants
Boeing and Airbus (Feb 17).
EU Reports Huge Rise in Iran Steel Imports
The European Steel Association – Eurofer – has reported a significant rise
in Iran’s exports of steel to Europe, saying the country is now the third
biggest exporter to the continent after China and India (Feb. 17).
Iran to Create Fully-Owned Bank in Azerbaijan
Iran’s top banker says the country plans to establish a bank in Azerbaijan
with 100 percent Iranian ownership. Valiollah Seif, the governor of the
Central Bank of Iran (CBI), said that the plan involved turning a branch of
Bank Melli Iran in Azerbaijan into an independent Azerbaijani bank (Feb. 16)
Sukhoi near Deal to Sell Superjet 100s to Iran
Iran says Russia’s plane maker Sukhoi Civil Aircraft Company is moving
closer to a deal to sell its Superjet 100 aircraft to the country. Maqsoud
As’adi Samani, the secretary of the Association of Iranian Airlines, was
quoted as saying that Sukhoi had already started technical talks to obtain a
license from the US Treasury Department’s Office of Foreign Assets Control (OFAC)
to sell the planes to Iran (Feb. 14)
PSA to Carry Out Iran Plans despite US Threats
France’s auto giant PSA Group says it is pushing ahead with a plan to invest
in Iran’s auto industry despite an increased anti-Iran rhetoric by the
United States under President Donald Trump (Feb. 14).
Japan’s Sojitz to Study Iran Steel Project
Japan’s Sojitz Corporation – the country’s sixth largest trading enterprise
– has signed a basic agreement to study the production of steel sheets in
Iran’s southeastern port of Chabahar (Feb. 13).
Sweden in Pole Position in Iran with Bus Deal
Swedish truck maker Scania has signed an agreement to deliver 1,350 buses to
Iran where Prime Minister Stefan Lofven visited with his largest business
team to the country ever (Feb. 13).
Iran’s Auto Production Up 40% Year-on-Year
Iran says its production of automobiles has already seen an increase of
around 40 percent over a period of 11 months starting 21 March 2016 compared
to the same period in the previous year Feb. 12).
Iran Says Reliance on Oil Reduced
Iran’s President Hassan Rouhani says his administration has been able to
reduce the country’s reliance on oil revenues over the past three years.
Rouhani made the announcement in a speech at a rally in Tehran to mark the
anniversary of the 1979 Islamic Revolution (Feb. 10).
EU Court to Get Evidence of Iran Bans Impacts
Iran’s Bank Tejarat says it will soon submit documents to the Court of
Justice of the European Union (CJEU) regarding the damages it has suffered
as a result of EU sanctions (Feb. 9).
Turkish Retailer Eyes Expansion into Iran
Turkish discount retailer BIM says it is exploring opportunities in Iran for
possible opening of stores in a country which has largely remained closed
off for years under sanctions (Feb. 8)
China Protests to US over Iran Sanctions
China says it has protested to the US for putting Chinese companies and
individuals on a new sanctions list targeting Iran (Feb. 6).
China Blocked $18bn of Iran’s Petrodollars
A report by a leading Iranian newspaper says the country has at least $18
billion still blocked in China in what appears to be a result of
complications related to previous sales of oil to Beijing during the years
of sanctions (Feb. 5).
UN Court Puts Iran’s anti-US Lawsuit in Motion
Iran says a lawsuit that it had submitted to the International Court of
Justice (ICJ) – the principal judicial organ of the United Nations – against
the United States last summer for freezing billions of dollars’ worth of its
assets has been officially put in motion (Feb. 5).
Iran Says Channel to Export Carpets to US Open
Iran says the channel to export its traditional hand-woven carpets to the
United States is still open amid recent concerns in Tehran that Washington
under a new leadership had already banned imports and re-exports of the
precious Persian handicraft (Jan. 29).
Germany Interested in Iran Investment
Several major oil and petrochemical companies from Germany have voiced
interest in investing in the Iranian oil sector. The companies including
BASF say they are ready to invest a total of $12 bn in Iran (Jan. 24).
Iran Self-Sufficient in Petchem Production
Iran says it has achieved self-sufficiency in production of two strategic
petrochemical products which are widely used in making a variety of
industrial foams and related materials (Jan. 23).
Figures Show Iran’s Trade Balance Positive
Latest official figures show that Iran’s trade balance over a period of 10
months, starting March 2016, remained in the positive territory. Figures
released by the Customs Administration of Iran showed that the country’s
non-oil exports over 10 months stood at $35.2 billion, registering a
moderate increase of 8.3 percent compared to the same period last year (Jan.
Iran Establishes Saffron Bank
Iran has launched a high-security bank to store major amounts of the crown
jewel of its non-oil exports – saffron (Jan. 22).
Iran, Syria Sign Major Economic Deals
Iran and Syria have signed several agreements during a visit by Prime
Minister Imad Khamis to Tehran, according to which the Islamic Republic will
build a mobile service operator in the Arab country (Jan. 18.
Iran, Germany Seal Diesel Locomotives Deal
Iran says it has signed a deal with Germany to cooperate over production of
50 diesel locomotives which will be used in the Iranian rail network (Jan.
Iran Eyeing Return to Global Debts Markets
Serious indications are appearing that show Iranian authorities are taking
steps to help local firms sell bonds abroad. This appears to be part of a
plan to encourage local firms to explore alternatives to domestic lending,
where rates remain above 20 percent (Jan. 12).
Danske Bank in Financing Talks with Iran
Denmark’s Danske Bank A/S says it has started talks with the Central Bank of
Iran (CBI) on arranging credit to clients with business activities in the
country (Jan. 9).
US, Italian Firms to Save Iran’s Troubled Brands
Iran says it has started talks with major American and Italian companies to
form partnerships with some of its oldest brands of household devices in
what appears to be a policy to prevent their demise (Jan, 8).
World Bank Reports Major Drop in Iran’s Debts
The World Bank says Iran’s foreign debts rose slightly in 2015 but were
still significantly lower than 2011 when the country faced a series of
US-led sanctions (Jan. 2).
Pakistan to Give Iran Gas Talks another Shot
A Pakistani delegation will be visiting Iran next month to revive talks on a
planned gas pipeline which has been set back for years because of US and
Saudi opposition. Iran’s gas delivery should have started in December 2014
but Pakistan has failed to complete its section of the pipeline under the
contract signed back in 2010 (March 25).
Iran, Russia Eyeing Joint Gas Projects
Iran says it is negotiating with Russia to carry out joint natural gas
development projects. Hamid-Reza Araqi, the managing director of the
National Iranian Gas Company (NIGC), was quoted by media as saying that
negotiations to the same effect had been held between the National Iranian
Oil Company (NIOC) and Russia’s Gazprom (March 24).
Iran Delivers First Oil Cargo to Belarus
Iran has delivered a major cargo of crude oil to Belarus through a key port
in southern Ukraine. A tanker carrying 600,000 barrels of oil had docked at
the Port of Odessa (March 24).
Iran, Iraq to Lead Middle East Oil Growth
Speculations are growing that oil field development plans in Iran and Iraq
would drive the largest production growth in the Middle East over the next
four years. According to research consultancy Rystad Energy that studies the
OPEC member countries in the Middle East, Iran and Iraq are on track to meet
production targets and are expected to specifically contribute to a rise in
production in the region from the second half of 2017 (March 21).
Total Looks to US Permit to Start Iran Plans
France’s energy giant Total is soliciting permission from US authorities to
implement a slew of projects worth several billion dollars in Iran.
The biggest of all is Iran’s plans to develop phase 11 of the giant South
Pars gas field with $4 billion of investment, in which Total seeks a 50%
stake (March 18).
South Korea’s Imports of Iranian Oil Up 54%
The latest official figures show that South Korea’s imports of oil from Iran
rose by about 54 percent in February from a year ago (March 16).
Iran Using Gas Injections to Boost Oil Output
Speculations are emerging in media that Iran is injecting huge amounts of
natural gas into its aging oil fields to boost its production of crude oil. Bloomberg
in a report emphasized that Iran’s motivation for producing more gas was to
re-inject it underground into crude oil reservoirs (March 16).
Trans-Asia Link to Iran, Turkey Gets on Track
A multi-nation conference on trans-Asia connectivity has opened in New Delhi
to explore the possibility of a rail freight service connecting India with
Iran and Turkey.
The two-day event brings together railway and custom officials from
Afghanistan, Iran, Bangladesh, Bhutan, Kazakhstan, Myanmar, Nepal, Pakistan,
Russia, and India along with government officials, policy-makers and experts
Iran Can Have 100% Renewable Grid by 2030
Iran has the capacity to build a 100% renewable energy system by 2030 with
about $187 billion of investment, a Finnish university study has found.
According to the Lappeenranta University of Technology, the country would
need to develop about 49 gigawatts of solar power, 77 gigawatts of wind
energy and 21 gigawatts of hydropower to achieve a zero-emissions grid
India’s Imports from Iran Trebled in February
The latest shipping figures show that India’s imports of crude oil from Iran
in February increased by about three times compared to the same period last
data released by Reuters showed that India’s imports of oil from Iran rose
to 647,000 barrels per day (bpd) in February. That was 16.7 percent more
than January, and almost trebled from February 2016 (March 13).
Linde Says Banking Issues Delaying Iran Plans
German industrial gases group Linde says it has revived plant-engineering
contracts in Iran but cannot work on them due to banking problems that
obstructed transferring money out of the country (March 10.
Iran, South Africa Eyeing GTL Project
Iran says it has started talks with South Africa over a strategic project to
produce fuel from natural gas – a project that South Africa’s chemicals firm
Sasol was pursuing in the Islamic Republic but later had to abandon as a
result of sanctions (March 6)
Iran, South Africa Eyeing GTL Project
Iran says it has started talks with South Africa over a strategic project to
produce fuel from natural gas – a project that South Africa’s chemicals firm
Sasol was pursuing in the Islamic Republic but later had to abandon as a
result of sanctions (March 6).
Iran Says It ‘Understands’ Total’s Concerns
Iran says it understands why Total had to delay a decision to go ahead with
the development of a key gas project in the country until the position of
the new US administration toward foreign investments in the Islamic Republic
is known. “This company has announced that it is waiting for US’ final
decision and we understand it,” Amir-Hossein Zamaninia, Iran’s deputy
petroleum minister for international affairs and trading, told a conference
in Tehran (March 5).
Iran Mulls Awarding Gas Field Deal to Shell
Iran says it may start negotiations with global energy giant Shell over the
development of Kish gas field which holds the country’s largest reservoirs
of natural gas after South Pars. Noureddin Shahnazizadeh, the managing
director of the Petroleum Development and Engineering Company (PEDEC), was
quoted by the domestic media as saying that a planned tender over Kish might
be scrapped because no other company had approached Iran over the project
Defying Trump, Iran Draws up $80bn of Deals
Iran is negotiating $80 billion of oil deals for signing, some of which are
expected to be finalized no later than the next three months, two senior
officials said in Tehran (March 4).
Iran’s Post-Sanctions Oil Exports to EU Rise
Reports say Iran’s exports of crude oil to Europe surged after the EU lifted
most of the trade and financial restrictions against the country in January
2016. Platts energy news service reported that Iran had sent a total of 63
major crude cargoes to France, Italy, Greece and Spain over the past year
Asian Imports of Iran Oil up about 70%
The latest market figures show that imports of Iranian crude oil by Asia’s
four main buyers increased by about 70 percent in January. Figures released
by Reuters show that China, India, South Korea and Japan imported 1.64
million barrels per day (mb/d) of oil from Iran last month (Feb. 28).
‘Total Eyeing Stake in Iranian LNG Project’
French energy giant Total is reportedly in talks with Iran to buy a major
stake in one of the country’s main liquefied natural gas (LNG)
projects. Reuters quoted several sources with knowledge of the matter as
saying that the project which Total was considering to invest was Iran
LNG. The move, it said, would enable the company to unlock vast gas reserves
in Iran (Feb. 27).
Iran Hails OPEC Compliance with Output Cuts
Iran has described OPEC’s level of compliance with production cuts in
January as satisfactory with the country’s oil minister saying he expects
more cooperation – not only from OPEC member states but also non-member
producers - to cut output and help stabilize the market (Feb. 27).
Novak: Russia to Buy 100,000 bpd of Iran Oil
Energy Minister Alexander Novak says Russia is negotiating daily purchases
of 100,000 barrels of crude oil from Iran. The two countries are currently
discussing the terms of a potential agreement, Novak said, adding he
expected the deal to be reached “within weeks.” (Feb. 27)
Indonesia to Purchase Oil from Iran
Indonesia says it is looking into the prospects of purchasing crude oil from
Iran through long-term supply agreements. The announcement was made by
Darmin Nasution, the visiting Indonesian coordinating minister for economic
affairs (Feb. 26).
Iran’s Condensate Exports Hit New Record
The latest official figures show that Iran exported a record volume of 24
million barrels of condensate to Europe and Asia in January. The volume had
been stored over several past months in tankers at sea and the bulk of
exports had been made to Asia (Feb. 26).
BASF in Talks with Iran over Oil Investment
Germany’s BASF, the country’s largest producer of chemicals, says it is in
talks with Iran over possible investments in the Iranian oil industry (Feb.
‘Oil above $55 p/b Not to OPEC’s Benefit’
Iran says the member states of the Organization of the Petroleum Exporting
Countries (OPEC) will not benefit if oil prices increase beyond $55 per
barrel. Iran’s Oil Minister Bijan Zanganeh was quoted by the domestic media
as saying that if oil specifically surges above $60 per barrel, the non-OPEC
producers would increase their production to benefit the most from rising
prices (Feb. 23).
Iran, Russia to Sign Oil Contract Soon
Iranian Minister of Petroleum Bijan Zangeneh says Tehran is set to sign a
deal with Moscow within the next 10 to 15 days to sell 100,000 barrels per
day of oil to Moscow (Feb. 21).
‘Iran, Russia Begin to Construct Power Plant’
A new report says Iran and Russia have launched a project to construct a
thermal power plant in southern part of the Islamic Republic. According to
the Russian website, Sputnik the project was launched in the southern city
of Bandar Abbas during a ceremony attended by Russian Energy Minister
Alexander Novak (Feb. 21).
Iran, Iraq Seal Deal to Export Kirkuk Oil
Iran and Iraq have signed a basic agreement that envisages exporting Iraqi
oil through the Iranian territory – a scheme that would remove Baghdad’s
reliance on the Kurdistan Regional Government (KRG) to export its oil
through a pipeline to Turkey. The agreement was signed during a meeting
between Iraq’s Oil Minister Jabar al-Luaibi and his visiting Iranian
counterpart Bijan Zanganeh (Feb. 20).
Official Rejects Total Pulling out of Iran Project
A senior Iranian energy official has rejected reports that France’s Total
had pulled out of an initial deal to develop part of Iran’s giant South Pars
gas field. Total sealed the $4.8 billion deal in November to develop Phase
11 of South Pars but there are reports that it is having second thoughts
amid President Donald Trump’s harsh anti-Iran rhetoric (Feb. 20)
France’s Oil Imports from Iran Jump in January
Iran has reported a major rise in exports of crude oil to France in January
– an announcement that comes as the country is already expanding the list of
its European oil clients. Iran’s Ministry of Petroleum announced that Iran’s
oil exports to France over the past month had increased by 70,000 barrels
per day (bpd) to reach 180,000 bpd. The figure showed an increase of 61
percent compared to December 2016 (Feb. 19).
Iran Announces Major Shale Oil Discovery
Iran says it has discovered major reserves of shale oil in the western parts
of the country with a top official saying that the reserves are the first
that have a feasible potential for production. (Feb. 19)
Belarus Purchases First Ever Oil Cargo from Iran
Reuters reported that Belarus’s Bel Oil had purchased 80,000 tons – equal to
600,000 barrels – of Iranian Light and Heavy crude oil from National Iranian
Oil Company (NIOC) for loading in February (Feb. 17)
Saudis Lose South Korea Oil Market Share to Iran
Figures show that Saudi Arabia has lost a significant share of South Korea’s
oil market to Iran.
The latest market figures show that South Korea’s imports of crude oil from
Iran doubled in January (Feb. 16).
Iran Finds 30 Billion Barrels of Oil
Iran has discovered about a dozen new oil fields with in-place reserves of
30 billion barrels, head of exploration at National Iranian Oil Company (NIOC)
Some 4.7 billion barrels of these reserves are recoverable, said Seyyed
Saleh Hendi who also announced the discovery of 128 trillion cubic feet of
gas (Feb. 13).
Lotos Eyeing Long-Term Iran Oil Supply Deal
Poland’s second-biggest refiner Lotos says it is looking into sealing a
long-term oil supply deal with Iran. Lotos Chief Executive Officer Marcin
Jastrzebski was quoted as saying that the deal could be signed with Iran
after his company completed a new coking unit at its Gdansk refinery next
year (Feb. 12).
Iran: No Problem for Oil Talks with Saudis
Minister of Petroleum Bijan Zangeneh says Iran has no problem for talks with
Saudi Arabia in order to stabilize the oil market as he praises OPEC
commitment to production cuts (Feb. 8).
Iran-Oman to Finalize Gas Pipeline Talks Soon
Iran says it expects to finalize talks over an ambitious project to export
natural gas to Oman through a subsea pipeline in early March. The
announcement was made by Iran’s Oil Minister Bijan Zanganeh after meeting
Oman’s Oil and Gas Minister Mohammed Bin Hamad Al Rumhy in Tehran (Feb. 7).
US Firms Shut Out of Iran Oil Tenders
US companies stand no chance of participating in bidding for Iran’s oil
fields which the country plans to develop with international help, a senior
official says. Iran’s Deputy Petroleum Minister for Commerce and
International Affairs Amir Hossein Zamaninia said that US firms do not face
any restrictions for work in the resource-rich country but American
sanctions make such activities impossible (Feb. 6).
Iran Extends Deadline for Bids on Oil Projects
National Iranian Oil Company has extended a deadline for bids on oil and gas
Head of NIOC, Ali Kardor said the deadline for bids had been pushed back to
February 15. The official went further adding the original late January
deadline had been extended because “information from some companies was not
complete.” (Feb. 4)
Total Sets Iran Energy Investments in Motion
Signs have emerged that France’s Total has already set in motion its plans
to develop Iran’s energy projects – what could embolden other global giants
that are still uncertain about the prospects for making investments in the
top official from the National Iranian Oil Company (NIOC) told the domestic
media that Total has officially started the development of Phase 11 of
Iran’s South Pars natural gas zone – a major project which it will develop
together with Iran’s Petropars and China’s CNPC (Feb. 2).
‘US Oil Companies Face No Ban in Iran’
Iran says there is no ban on American companies working in the country’s oil
industry. Iranian Oil Minister Bijan Zanganeh says “American companies face
no ban for entering our oil industry.” (Jan. 31)
Lukoil Says Iran Is Target, Sees Deal Imminent
Russia’s Lukoil Company says it hopes to reach an agreement on development
of two oil fields in Iran in the first half of the year (Jan. 30).
Iran Exports Major Condensate Cargo to Japan
Iran says it has started exporting condensate – a form of ultra-light oil -
from two newly launched phases of its giant South Pars gas field to Japan
Iran Starts Sending Own Oil Tankers to Europe
Reports say Iran has sent at least two supertankers to Europe in what
appears to be the country’s first direct shipment of crude oil to EU clients
after the removal of sanctions last year. (Jan. 27)
Europe Preparing for Biggest Iran Oil Imports
Market figures show Europe is preparing to import the highest amount of
crude oil from Iran in five years this month. Figures released by Bloomberg
show that arrivals on supertankers will reach 622,581 barrels a day in
January, the biggest flows for a single month since at least November 2011
OMV, Dana Energy Sign Cooperation Deal
Austria’s energy giant OMV says it has signed a basic agreement with Iran’s
Dana Energy to cooperate in the Iranian oil and gas development projects
Iran’s Oil Sales Reach $30bn
Iran’s deputy petroleum minister says Tehran’s total crude oil and
condensate sales reached around $30 billion in the first 9 months of the
current Persian calendar year which started on March 20 (Jan. 14).
Iran Eyes $55bn Investment in Petchem Sector
Iran’s deputy petroleum minister says the country needs to attract some $55
billion worth of investment to develop its thriving petrochemical sector
‘Japan to Upgrade Iran’s Key Refineries’
Iran says it is negotiating with companies from Japan to upgrade two key
refineries – a move that could further expand the country’s abilities to
produce gasoline (Jan. 9).
Philippines Joins List of Iran’s Oil Clients
Iran says it is negotiating with the Philippines over exports of crude oil
to the country – a fresh indication that the list of the Islamic Republic’s
oil clients is still expanding after the removal of sanctions last year
Iran Says Inpex Tipped to Win Azadegan
Japan’s largest oil and gas exploration and production company is reportedly
trying to win a contract over the development of a major oil project in Iran
that it abandoned in 2010 (Jan. 5).
World’s Largest Oil Trader Loans $1bn to Iran
The world’s largest independent oil trader Vitol has signed a deal to
provide Iran with a major loan worth $1 billion - a landmark move that can
help expedite the country’s crucial plans to boost its production of crude
oil (Jan. 5).