News

Italian Major Seeks Toehold in Iran Petchem Projects

Senior executive from Italy’s energy major Saipem voiced the company’s willingness to join Iran’s petrochemical projects in a meeting with the CEO of the National Petrochemical Company (NPC) in Milan. Meeting with the CEO of Iran’s National Petrochemical Company (NPC) on the sidelines of Milan’s PLAST 2018, Saipem officials said they were interested in cooperating with Iranian petrochemical companies against ...

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Iran Starts Oil Swap with Iraq’s Kirkuk

According to the CIF-based swap deal, Iran receives 30,000 to 60,000 bpd of oil from Kirkuk oil fields in northern Iraq to an Iranian refinery across the border via tanker trucks, in exchange for oil for southern Iraq. On Sunday, the tankers offloaded their cargoes at storage tanks in Iran’s Darreh Shahr, the western province of Ilam, which were installed ...

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‘Total Has 60 Days to Negotiate Sanctions Waiver with US’: Zangeneh

The United States withdrew from the Iran nuclear deal on May 8 and said it would reinstate sanctions on Tehran. Following a Tuesday meeting with the Iranian parliament’s energy committee, Mr. Zangeneh said the Iranian Ministry of Petroleum and the Parliament’s Energy Committee were in agreement to overcome the current difficult conditions of the country. “The Petroleum Ministry and the ...

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The Energy Model That Can Predict Gold Prices

By Alex Kimani “Everything should be made as simple as possible, but not simpler.”–Albert Einstein When trying to predict gold prices, investors usually look at one or several drivers: interest rates, U.S. dollar fluctuations, above-ground gold stocks, equities, bonds, commodity prices and even debt levels. But on their own, how reliable is each for predicting either short-or-long-term medium gold price ...

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Zangeneh Sends Letter to OPEC, Calls for Inclusion of Supportive Agenda Item

Mr. Zangeneh sent a letter to Al Marzouei, in which he underlined imposition of unlawful, unilateral and extraterritorial sanctions by the US government on the Islamic Republic of Iran which clearly violate the international agreement that had been endorsed by the UN Security Council. By referring to Article 2 of the Statute of the Organization of Petroleum Exporting Countries (OPEC), ...

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Oil Prices Rebound As Crude Inventories Shrink

By Irina Slav Crude oil prices moved higher today after the Energy Information Administration reporteda draw in crude oil inventories of 4.2 million barrels for the week to May 25, a day after the API pressured benchmarks by estimating an unexpected inventory increase of 1 million barrels for the period. Analysts had expected a build of 920,000 barrels for last ...

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Iran Gas Exports Unsanctionable: Official

“Export of gas does not necessarily concern national interests, rather, human interests are hinged upon export and consumption of natural gas; therefore, neither does anyone have the right to impost sanctions on gas exports nor has anyone ever done so. The issue of gas exports is not politicized,” Hamid Reza Araqi told reporters on Sunday. He argued that the issue ...

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Installation of 2nd Platform of SP 22-24 under way

According to POGC, Farshad Heidari, head of the offshore section of phase 22-24 development project, said Platform 24A was being prepared for pre-startup. As he said, installation of the platform’s flare and connecting bridge would finish by the end of next week. He said 11 wells had been drilled for the platform, adding once drilling of 7 other wells completed, ...

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Saudis Say Aramco IPO ‘Most Likely’ In 2019

By Tsvetana Paraskova Saudi Aramco’s much-hyped initial public offering is “most likely” to take place in 2019, Saudi Energy Minister Khalid Al-Falih said on Friday, likely confirming that plans for the IPO have been pushed from this year to next. “We’re simply waiting for a market readiness for the IPO,” al-Falih said at the St. Petersburg International Economic Forum in ...

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2nd Train of SP 13 Refinery Online

Operating at 7 million cubic meters per day of gas processing capacity, the project’s commissioning took place following all the required standard tests and pre-startup operations. Once fully operational, the unit will be able to process 14.2 mcm/d (or 500 million cubic feed per day) of natural gas for injection to the national gas trunklines. The first sweetening train of ...

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