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.
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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.
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.
The executive decree on land use planning for the petrochemical industry has been officially communicated to petrochemical holding companies and firms, according to the National Petrochemical Company (NPC).
The Pazan field has been identified as Iran’s largest onshore gas reservoir in terms of both gas-in-place and recoverable reserves, according to Mohyeddin Jafari, director of exploration at the National Iranian Oil Company (NIOC).
Brent crude futures rose $1.08, or 1.7 percent, to $63.81 a barrel. U.S. West Texas Intermediate crude rose $1.13, or 1.92 percent, to $60.03 a barrel.
Iraq continued to be India’s second-largest crude oil supplier during September.
The managing director of Abadan Oil Refining Company announced that efforts are underway to complete the remaining sections of Phase 2 and launch Phase 4 of the Abadan refinery to enhance the quality of refined products.
The managing director of South Pars Gas Complex reported a new record in propane and butane production in the first half of the current Iranian year, attributing this success to enhanced efficiency, optimized production processes, and the continuous efforts of the workforce.
The Pars Oil and Gas Company (POGC) has successfully completed and commissioned a well pressure equalization system across South Pars offshore platforms, significantly reducing the time and cost of restarting gas wells after shutdowns, according to a company statement.