Iran’s Trade Promotion Organization (TPO) and the Iran Chamber of Guilds (ICG) signed a cooperation agreement aimed at harnessing the capacity of guilds to expand the country’s exports.
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The NGL 3100 project is a significant step towards addressing the persistent and unsustainable flares in southern Iran, which could have been economically viable.
Oil Minister Mohsen Paknejad said Saturday that premium or special-grade gasoline is being introduced as a new service by the Oil Ministry and is not linked to fuel quotas.
The drilling operations for the first development well in a six-well project at the Yadvaran oil field have been completed using the Fat’h 92 drilling rig, announced the deputy CEO of National Iranian Drilling Company (NIDC) for drilling projects.
Asadollah Cheraghi, the representative of Dehloran, Darreh Shahr and Abdanan in Iran’s Parliament, said the national project to capture associated petroleum gas (APG) from oil fields in southern Ilam province is "lasting and highly valuable in all our minds."
President Masoud Pezeshkian said the government will provide any support possible to accelerate gas recovery projects, noting that the annual value of collected associated gas is estimated at $700 million.
US President Trump imposed a 50% tariff on Indian exports, ignoring India's increased oil and gas purchases from the US, reducing its trade surplus with the US.
Brent crude futures fell 89 cents, or 1.3 percent, to $65.95 a barrel. U.S. West Texas Intermediate crude futures fell 97 cents, or 1.5 percent, to $62.99.
India is launching a national deepwater exploration mission to tap more of its energy resources, boost domestic energy supply, and reduce dependence on imports, Prime Minister Narendra Modi said on Friday.
Steel and petrochemicals are expected to account for 50 percent of the objectives set under Iran’s free trade agreement (FTA) with the Eurasian Economic Union (EAEU), Iranian officials said, highlighting the sectors’ pivotal role in boosting exports and activating trade opportunities in the region.
Iran plans to raise its nominal petrochemical production capacity by 35 million tons to 131.5 million tons a year by the end of its Seventh National Development Plan (2022- 2027) through 66 expansion projects, a senior official said, targeting an average annual growth of eight percent.
Brent crude futures rose 49 cents, or 0.75 percent, to $66.12 a barrel, while U.S. West Texas Intermediate crude futures rose 51 cents, or 0.81 percent, to $63.16.
India's state-run Bharat Petroleum Corp has awarded a five-month tender for 10 million barrels of U.S. oil to European trader Glencore, two people with knowledge of the matter said, aiding India's efforts to deepen energy ties with Washington.
India could face an annual $5 billion surge in its oil import bill if forced to replace Russian crude, as pressure mounts following a new US tariff order targeting one of Moscow's top energy customers.
Chinese Ambassador Jiang Zaidong suggests Pakistan can expand the China-Pakistan Economic Corridor to Afghanistan and Iran, boosting connectivity and trade, and accelerating the strategic shift from geopolitics to geo-economics.
Iran’s oil production fell slightly in July as output continued to suffer from the impacts of a war of aggression the country fought with the Israeli regime in June, and despite a general rise in production by members of the Organization of the Petroleum Exporting Countries (OPEC).
Brent crude fell 45 cents, or 0.7 percent, to $65.67 a barrel, while U.S. West Texas Intermediate crude fell 53 cents, or 0.8 percent, to $62.64.
Iran's petrochemical sector, under the Seventh National Development Plan, will require $24 billion in investment to increase nominal production capacity to 131.5 million tons.
The National Petrochemical Company plans to increase petrochemical production capacity by 35 million tons through 66 development projects under the Seventh Development Plan, aiming to reduce dependence on exports.
Tehran Oil Refining Company has launched its first phase of wastewater treatment project, replacing 15,000 to 20,000 cubic meters of municipal water with treated water, providing sustainable water supply for ancillary industries.