The South Pars Gas Complex supplies 73 percent of Iran’s natural gas, provides feedstock for 65 percent of the nation’s petrochemical plants, produces 45 percent of its gasoline and fuels 60 to 65 percent of power plants, the company’s CEO said Tuesday.
LASTEST NEWS Feed Atom
Brent crude futures were unchanged at $61.01 a barrel. U.S. West Texas Intermediate (WTI) crude for November delivery fell 15 cents to $57.37.
Indian company Reliance Industries is gradually increasing purchases of Middle Eastern oil and is ready to place more orders in the near future, Bloomberg reports.
The National Iranian Gas Company is fully prepared for the winter season and will ensure stable gas transmission nationwide through effective management and operational transformation, the company’s managing director, Saeed Tavakkoli, said.
Iran’s Tehran Oil Refinery, one of the country’s oldest and largest facilities, is investing $3.5 billion to modernize operations and produce all fuels—including gasoline, diesel, and jet fuel—in line with stringent Euro 5 environmental standards, its refining engineering chief said.
Bu Ali Sina Petrochemical Complex has successfully completed a major overhaul of key reactors in its aromatic and paraxylene units without halting production, enhancing equipment reliability and operational efficiency.
Brent crude futures fell 18 cents, or 0.3 percent, to $61.11 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 17 cents, or 0.3 percent, to $57.37.
U.S. President Donald Trump on Sunday warned that India will continue facing steep tariffs on its exports to the United States until it fully halts purchases of Russian oil a stance that has emerged as a key sticking point in the countries’ ongoing trade talks.
Sistan-Baluchestan Power Distribution Company plans to install 5,000 five-kilowatt solar systems by late 2026, aiming to increase renewable energy capacity to 1,000 megawatts in Iran within two years.
Hassan Abbaszadeh, managing director of the National Petrochemical Company, praised the Petrochemical Research and Technology Company for its role in providing catalysts and technical expertise.
Iran's natural gas consumption surged in October, reaching over 1.604 billion cubic meters, while power plants used 1.763 billion, indicating a close competition between major consumers.
Brazil's Vice President Geraldo Alckmin invited Indian oil firms to bid in auctions for Campos and Santos basin blocks, confirmed Petrobras deal to supply 6 million crude barrels to India, strengthening bilateral energy cooperation.
The National Iranian Oil Company's managing director has announced a $800 million budget for the renovation and modernization of its drilling fleet and equipment.
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.
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.
