Iran’s Parliament on Monday gave permission to the Oil Ministry for participation in foreign refinery construction projects.
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Iran has surpassed regional countries in oil and gas exploration since the 13th administration took office two years ago, said the National Iranian Oil Company (NIOC) managing director.
Russia on Saturday started supplying natural gas to Uzbekistan via Kazakhstan, marking the occasion with ceremonies in Moscow and elsewhere attended by the presidents of the three countries and shown on state TV.
The United Arab Emirates is refashioning state-owned Abu Dhabi National Oil Company (ADNOC) in the image of an international oil major by stepping up its global expansion and finding new revenue streams to maximise earnings for the Gulf state.
OPEC raised its world oil demand forecasts for the medium and long term in an annual outlook, and said $14 trillion of investment is needed to meet this demand even as renewable fuel use grows and more electric cars take to the road.
Oil prices surged more than 3% on Monday as military clashes between Israel and the Palestinian Islamist group Hamas ignited fears of a wider conflict in the Middle East.
The refineries of Iran’s South Pars Gas Complex (SPGC) have supplied 9.550 billion cubic meters (bcm) of natural gas to the country’s network in the first six months of the current Iranian year (March 21-September 22), according to the SPGC managing director.
A member of Iran’s Parliament said the country’s oil exports have surged despite sanctions.
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