South Korea's industry ministry said on Wednesday it has approved the country's first petrochemical industry restructuring project, offering a support package worth more than 2 trillion won ($1.39 billion) to help companies weather a prolonged sector downturn.
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Trading houses and buyers of Venezuelan oil have chartered the first very large crude carriers (VLCCs) to export from the South American country since a Caracas-Washington supply deal began, a move that will boost deliveries to India, according to four sources and shipping data.
The head of information and communications technology at the National Iranian Gas Co. said a new digital platform for industrial gas applicants has made the licensing and gas supply process more transparent, agile and secure.
The Oil Ministry exceeded its obligations on fuel storage, a deputy speaker of Parliament said, praising what he described as a responsible approach to ensuring winter energy security.
The Brent crude oil futures contract remained unchanged from the previous day, trading at $71.49 per barrel. Meanwhile, the US West Texas Intermediate (WTI) crude oil futures contract rose by 11 cents (equivalent to 0.2%) to $66.42 per barrel.
The U.S. Supreme Court has agreed to hear a bid by ExxonMobil and Suncor Energy to scuttle a lawsuit brought by officials in Boulder, Colorado that seeks to hold the oil companies liable for helping fuel climate change in a case that could affect dozens of similar lawsuits around the country.
State energy major Saudi Aramco has sold several cargoes of ultra light crude oil from its $100 billion Jafurah gas plant to U.S. majors and an Indian refiner as it prepares to export its first cargo later this month, four trade sources said.
The deputy managing director for drilling operations at the National Iranian Drilling Company said 116 oil and gas wells were drilled and completed in the first 11 months of the current year, marking a 23% increase compared with the same period last year.
Iran’s petrochemical industry has begun investing directly in upstream gas field development after the Oil Ministry streamlined licensing and contract procedures, industry officials said, calling the shift a turning point in cooperation with the private sector.
The Brent crude oil futures price fell by 4 cents (0.06%) to $71.72 per barrel. The U.S. West Texas Intermediate (WTI) crude price also dropped by 4 cents (0.06%) to $66.44 per barrel.
Former Turkmen President Gurbanguly Berdymukhamedov said that his country's "primary goal" was to diversify exports of its enormous gas reserves, the world's fourth largest, according to the transcript of an interview published on Sunday.
India and Brazil on Saturday set an ambitious target to boost bilateral trade to $30 billion by 2030, up from the previous goal of $20 billion.
Iran’s first ground-based and clean flare in the petrochemical industry has been successfully commissioned at the Persian Gulf Sadaf Petrochemical Complex, bringing this strategic project to the threshold of receiving feedstock.
A gas shipment of 2,797.109 metric tons arrived aboard the tanker GAS HUSKY at the Baniyas maritime terminal, the Syrian Petroleum Company (SPC) said on Saturday, marking the fourth tanker to reach Syria since the start of the household gas shortage crisis.
The managing director of the South Pars Gas Complex announced that the major overhauls in the South Pars for the Iranian year 1405 (starts on March 21) will commence in the early days of the new year, stating that these operations will be carried out with an innovative approach, leveraging successful past experiences, and operational cohesion to increase equipment readiness and achieve record performance in the field of overhauls.
The first phase of a solar power plant at the Siraf Port export terminal has been commissioned, the engineering and development director of Fajr Jam Gas Refining Company said.
The Director of Labour and Employment Services at the Pars Special Economic Energy Zone Organisation has emphasised the need for early planning and announced the development of a coherent programme to hold even more magnificent celebrations for International Workers’ Day next year, drawing on the successful experience of this year’s event.
The head of the National Petrochemical Company said public relations plays a strategic role in aligning the petrochemical industry’s capacities, adding that PR units can help transform scattered achievements into a source of hope for society and industry stakeholders.
Brent crude futures rose by 33 cents (0.5%) to $71.99 per barrel. US West Texas Intermediate (WTI) crude futures climbed by 62 cents (0.9%) to $67.05 per barrel.
The United States is engaged in “active negotiation” regarding the sale of Venezuelan oil to India, aimed at helping India diversify its sources of crude oil, US Envoy Sergio Gor said on Friday.
