Ali Rabani, director of energy consumption optimization at NPC, plans to implement an energy management system in Iran's petrochemical industry, urging firms to utilize available resources.
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The United States and European countries are increasing pressure on Asian buyers of Russian energy, which could limit India’s oil imports as early as December while making supplies cheaper for China.
Iran’s Trade Promotion Organization (TPO) and Vietnamese Embassy in Iran have emphasized expanding joint production and sharing export experience, building on several cooperation agreements already signed between the two countries.
The CEO of South Pars Gas Complex announced that the complex supplied more than 73% of the country’s gas needs during peak winter demand, describing it as the backbone of Iran’s energy supply.
Brent crude oil futures price reached 16 cents (0.26% decrease) to $60.90 per barrel. The futures price of US West Texas Intermediate (WTI) oil reached 15 cents (0.26% decrease) to $57.31.
The International Monetary Fund (IMF) has revised its forecast for Iran’s economic growth downward to 0.6% for 2025, up slightly from an April projection of 0.3% but well below the regional average of 3.5%, while anticipating inflation to spike to 42.4% this year from 32.5% in 2024 and unemployment to climb 1.6% year-on-year to 9.2%.
Indian multi-sector infrastructure firm Megha Engineering & Infrastructures has won a contract worth $225.5 million from Kuwait Oil Company (KOC), it said on Friday.
The United States and India have held productive trade talks, and Indian refiners are already cutting Russian oil imports by 50%, a White House official told Reuters on Thursday.
Brent crude futures rose 56 cents, or 0.9 percent, to $62.47 a barrel. U.S. West Texas Intermediate (WTI) futures rose 58 cents, or 1 percent, to $58.85.
President Donald Trump has said Indian Prime Minister Narendra Modi has agreed to stop buying Russian oil, as the US seeks to put economic pressure on the Kremlin as part of efforts to end the war in Ukraine.
The South Pars Gas Complex (SPGC) has taken a major step toward industrial self-reliance, with more than 90 percent of equipment and supplies for its refineries now sourced domestically, according to the company’s commercial director.
Iran's oil minister's deputy predicts Pars pipeline project will reduce road tanker dependence and save billions in fuel transportation costs, citing favorable performance in refining and fuel distribution.
The CEO of the National Iranian Oil Company (NIOC) emphasized the importance of the Ahvaz oil field as the country’s largest, saying the new project marks a significant move toward increasing the recovery factor and advancing national oil industry policies aimed at implementing enhanced oil recovery (EOR) methods.
Brent crude futures fell 21 cents, or 0.3 percent, to $62.18 a barrel, while U.S. West Texas Intermediate crude futures fell 13 cents, or 0.2 percent, to $58.57 a barrel.
India's foreign ministry announced the launch of an Indian-backed oil refinery in Mongolia, funded by a $1.7 billion line of credit, with a daily crude oil processing capacity.
Iran’s minister of economic affairs and finance emphasized the expansion of brotherly relations and economic, commercial, and infrastructure cooperation between Iran and Tajikistan and proposed special opportunities for deepening these relations under the current conditions.
The Khangiran Gas Refinery in northeastern Iran maintained uninterrupted and above-target gas production during the four cold months of 1403, marking the most stable performance among the country’s gas refineries, according to the plant’s operations chief.
A contract has been signed to construct the Pars Oil Products Pipeline (Mehraaran–Fasa–Shiraz) with a transfer capacity of 73,000 barrels per day and an investment value of €150 million.
Brent crude futures fell $1.01, or 1.6 percent, to $62.31 a barrel, while U.S. West Texas Intermediate crude fell 1.6 percent, or 95 cents, to $58.54.
India and the U.S. are resuming trade talks this week, with New Delhi committing to increase U.S. energy and gas imports to address concerns over its Russian oil purchases, aiming for a deal to double bilateral trade to $500 billion by 2030.