Iran’s petrochemical industry, operating 79 production complexes, has reached a nominal production capacity of more than 100 million metric tons per year, emerging as one of the main pillars of the country’s non-oil economy.
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Brent crude futures fell 16 cents (0.23%) to $68.88 per barrel. U.S. West Texas Intermediate (WTI) futures dropped 20 cents (0.31%) to $64.16 per barrel.
India has agreed to halt Russian oil purchases under a sweeping trade deal with the United States, marking a potential historic break in Moscow–New Delhi energy ties.
Iran has collected about 9.0 million cubic meters (mcm) per day of associated and flared gas over the past 15 to 16 months, bringing total daily collection to around 16 mcm, Oil Minister Mohsen Paknejad said on Monday.
The CEO of Arya Sasol Polymer Company said transferring authority for utility pricing arbitration to the National Petrochemical Company (NPC) reflects recognition of the petrochemical industry’s role in the national economy and, if properly implemented, could strengthen a development-oriented approach at companies and align government and corporate interests.
Brent crude futures dropped 67 cents (about 1%) on Monday to settle at $67.38 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) futures fell 61 cents (1%) to $62.94 per barrel.
New Zealand has shortlisted contractors to build a liquefied natural gas (LNG) import facility to boost energy security, provide a reliable backup power source and support economic growth, Energy Minister Simon Watts said on Monday.
Indian Oil Corp bought six million barrels of crude from West Africa and the Middle East, traders said, as the Asian country steered clear of Russian oil in New Delhi's push for a trade deal with Washington.
Reviving compressed natural gas capacity, one of the 14th administration’s top priorities, has entered the operational phase over the past year through a series of measures, including the launch of a free vehicle conversion program, construction of new CNG stations and increased factory production of dual-fuel vehicles. The initiative has gained urgency as gasoline consumption has outpaced production and much of the country’s CNG capacity has gone unused.
The Tous gas field development project, aimed at strengthening the stability of the gas supply network in Iran’s northeast and supplying feedstock to the Shahid Hashemi-Nejad Gas Refinery in Sarakhs, was officially inaugurated by presidential order via videoconference.
German energy giant RWE on Friday agreed to explore sourcing liquefied natural gas from the United Arab Emirates’ ADNOC, as Europe looks to diversify its energy supply away from the United States.
Indian refiners are avoiding Russian oil purchases for delivery in April and are expected to stay away from such trades for longer, refining and trade sources said, a move that could help New Delhi seal a trade pact with Washington.
Iran’s oil industry has set new records in production, exports and capacity development over the past 18 months, despite continued sanctions and external constraints.
The flare gas recovery project in the Aghajari oilfield has progressed more than 60%, with plans to virtually eliminate routine flaring in the area by the end of the Iranian year 1407 (March 2029), according to the head of the Aghajari Oil and Gas Production Company.
The European Union’s energy chief said the bloc is growing increasingly concerned about its dependence on US liquefied natural gas, particularly in the wake of President Donald Trump’s threats to take over Greenland.
US President Donald Trump has removed the 25 per cent tariffs it imposed on India for purchasing Russian oil, citing that the country has undertaken "significant steps" and New Delhi has committed to stop directly or indirectly importing oil from Moscow.
The CEO of Persian Gulf Petrochemical Complementary Industries Investment and Development Group (Petrol) said the transfer of arbitration over utility service pricing to the National Petrochemical Company marks a starting point for broader use of specialized arbitration mechanisms in the petrochemical industry.
Brent crude futures fell 5 cents (0.1%) to $67.50 per barrel. U.S. West Texas Intermediate (WTI) crude futures also declined 11 cents (0.2%) to $63.18 per barrel.
Reliance Industries has partially unloaded a cargo of jet fuel in Italy. This is India's first export to the region since the EU ban on petroleum products derived from Russian oil came into effect on January 21, according to shipowners' data and trading sources, Reuters reports.
Iran’s South Pars gas field has set nine production records over the past two years, with daily output reaching a new high of 727 million cubic meters, underscoring the field’s central role in meeting the country’s energy demand.