ADNOC Gas has signed a long-term sales and purchase agreement with Hindustan Petroleum Corporation Limited (HPCL) for the supply of liquefied natural gas, in a deal valued at between $2.5 billion and $3 billion over a 10-year period.
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The head of Iran’s National Petrochemical Company (NPC) stated that the company has set a goal of increasing petrochemical production capacity by over 130 million tons under the Seventh National Development Plan.
The CEO of the National Iranian Gas Company announced the daily delivery of more than 170 million cubic meters of gas to power plants in the past three days, saying: "The amount of gas delivered to power plants from the beginning of this year to today has been more than 3 billion cubic meters."
The CEO of the South Pars Gas Company announced that the thirteen refineries of this complex are 100 percent ready to supply domestic gas, stating: "600 million cubic meters of sweetened gas are injected daily from this complex into national pipelines."
Brent crude futures fell by $0.40 (0.62%) to $63.79 a barrel. U.S. West Texas Intermediate (WTI) futures also declined by $0.44 (0.74%) to $59.00 a barrel.
Iran plans to outsource 12% of crude oil processing within the National Iranian Oil Company (NIOC) to the private and non-governmental sectors through public-private partnership (PPP) projects using skid-mounted equipment, a senior NIOC official said, citing faster execution and lower delays compared with traditional contracts.
Iran’s National Petrochemical Company (NPC) CEO Hassan Abbaszadeh has called for a fundamentally balanced development across the country’s petrochemical value chain, warning that uncoordinated growth between upstream and downstream segments undermines efficiency and value creation in Iran’s vital petrochemical sector.
Crude oil prices have retreated after a brief spike driven by speculation over potential U.S. military action against Iran. Brent and WTI benchmarks hit multi-month highs amid tensions, but they quickly gave way as the market refocused on fundamentals: the world simply has too much oil.
Gas consumption in the household, commercial, and light industrial sectors in Iran reached 654 million cubic meters, accounting for 75 percent of the total gas delivered to the country’s national gas network.
minister put the total value of a contract signed by the National Iranian Oil Company on guaranteed purchase of drilling services at about $1 billion, explaining that 20 drilling rigs of 2,000 horse power will be added to Iran’s drilling fleet in five years.
The managing director of the National Iranian Gas Company said the company has set a new record for gas sweetening and transmission to the national grid, increasing daily volumes to 882 million cubic meters during the current period, up from 880 million cubic meters last year.
The United States is moving as quickly as possible to grant Chevron an expanded license for oil production in Venezuela, allowing the company to pay the government in cash rather than crude and export 100% of its output, U.S. Energy Secretary Chris Wright told Reuters on Friday.
Brent crude futures rose 29 cents (0.48%) to $60.25 per barrel. U.S. West Texas Intermediate (WTI) crude futures increased 26 cents (0.46%) to $56.25 per barrel.
U.S. forces seized two Venezuela-linked oil tankers—one flying a Russian flag—in the Atlantic, intensifying Trump’s push to dominate Venezuelan oil flows after capturing Maduro. China slams it as “bullying” as prices drop on expected supply surge.
National Iranian Drilling Company (NIDC) has completed 101 oil and gas wells so far this year (started in late March 2025), with total drilling footage reaching 103,456 meters, the company’s head said.
The project manager for the Sabzab–Tang-e Fani–Shazand sour crude oil pipeline said construction has been completed and crude oil transfer to the Shazand refinery has begun, marking the start of operations for the project.
Brent crude futures fell by 35 cents, or 0.6%, to $60.35 per barrel. U.S. West Texas Intermediate (WTI) crude futures fell by 52 cents, or 0.9%, to $56.61 per barrel.
Trump says Venezuela’s interim authorities will transfer 30–50 million barrels of sanctioned crude to the U.S., to be sold at market price with proceeds controlled by his administration — a move tied to the recent U.S. operation that captured Nicolás Maduro and framed as benefiting both countries.
India has bought ~€144bn of Russian crude since Feb 2022, becoming Russia’s second-largest buyer after China, CREA says. Total Russian fossil fuel export revenues now near €1tn—continuing to bankroll Moscow’s war effort in Ukraine.
Iran Energy Minister Abbas Aliabadi says development of renewable energy and electricity consumption optimization is moving forward nationwide, driven by active private-sector participation, as 1,269 MW of projects enter the execution phase.