Iran’s National Petrochemical Company (NPC) managing director on Thursday said $4.2 billion will be invested in domestic projects to attain self-sufficiency and complete the industry’s value chain.
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The world’s governments are facing increased pressure to reach agreement on phasing out the production and consumption of fossil fuels. And countries like Canada, whose plan for fossil fuel production runs counter to its stated climate goals, will increasingly be under fire on the international stage.
India’s state-run Oil and National Gas Corp said it witnessed a drop in oil and gas output in July-September due to lower volumes from matured fields and weather-related disruptions, but production from new projects in coming quarters would more than offset that decline.
In November, Turkiye set a new record for importing the highest amount of Russian oil, according to Reuters.
Oil futures lost ground Wednesday as investors awaited a double dose of U.S. data on petroleum supplies.
Ariassol Polymer Company was introduced as an innovative knowledge-based company by the Vice President of Science and Technology.
Referring to the fact that 7 Iranian oil fields are currently being developed by Russian companies, the CEO of Iran's National Oil Company said: "In the development of these fields, the maximum capacity of Iran's domestic companies is used."
The CEO of National Iranian Oil Company said: "In the light of digital transformation and intelligentization, we will establish the control center of hydrocarbon fields for 15 oil and gas fields, and the memorandum was signed."
Iran’s Oil Ministry is the leading supporter of knowledge-based companies and first-time production, said the government spokesman.
Energy giant Saudi Arabian Oil Co. has established a set of standards and measures to reduce the risks of metal corrosion as the company employs cutting-edge technologies to ensure safety protocols, a top official said.
The European Union is considering toughening up the sanction enforcement on evaders of the price cap on Russian oil, almost none of which now trades below the ceiling of $60 per barrel, the Financial Times reported on Tuesday.
India, the world's third largest oil consumer, has asked oil producers cartel OPEC to maintain and ensure market stability for the benefit of consumres, producers and global economy.
Western Canada’s crude oil industry is preparing to embrace global markets, a turn that could leave the U.S. industry fighting for supply in 2024.
Iran produced 3.115 million barrels per day (bpd) of crude oil in October, registering a 46,000-bpd increase compared to the previous month, according to OPEC’s latest monthly report.
Oil prices were climbing upwards midday Monday, with Brent crude gaining over 1.6% after the market digested an OPEC report suggesting demand in the U.S. and China is not lowering to the point of concern.
Implementation of new projects in southern Iran has added some 30,000 barrels a day (b/d) to Iran’s oil production, according to an official with the knowledge of the matter.
Bushehr Petrochemical Complex with the prospect of being the largest petrochemical complex in the region for the production of olefinic, polyolefinic, methanol, sulfur, ethylene glycols and acid products is being completed and operated.
The Spokesperson of the Iranian Energy Ministry’s electricity sector has said that the necessary preparations have been made for the construction of renewable power plants with a total capacity of 6,900 megawatts (MW) across the country, IRNA reported.
India's state-run Oil and Natural Gas Corporation (ONGC) could finally see first oil production from a $5-billion deepwater project in November, three years after the initial timeline.
Japanese petrochemical producer Mitsui Chemicals has obtained International Sustainability and Carbon Certification Plus (ISCC Plus) for its bio-naphtha-based toluene diisocyanate (TDI), allowing it to supply the new low-carbon products.