India eager to take up work in Farzad B Gas Field

India’s External Affairs Minister Sushma Swaraj asked Iran to make all necessary arrangements so that New Delhi can participate in the development of the giant Farzad-B gas field in the Persian Gulf. Swaraj expressed her country’s eagerness to participate in the $5 billion Farzad-B gas field as soon as possible,…

One barrel of oil costs below $10 for producers

A barrel of oil costs below 10 dollars for the producers, Director of Petroleum Ministry for OPEC Affairs and Relations with Energy Circles Mehdi Asali said on Wednesday. Asali said that after oil prices slump, foreign investors come to the Middle East due to low cost of oil production in…

Iran to attract $28b foreign investments in electricity projects

Energy Minister Hamid Chitchian said here on Thursday that Iran has planned to attract foreign investments, worth $28 billion, in electricity projects in the next few years. Talking to IRNA, Chitchian said some 47,000 to 50,000 MW of electricity should be added to the country’s electricity generation capacity within 10…

Iran, Russia firms to build oil rigs

Iranian shipbuilder ISOICO says it has signed an agreement with Russian shipyard Krasnye Barrikady (Red Barricades) for oil rig construction and technology transfer. ISOICO Managing Director Hamid Rezaian said the agreement will allow his company to take advantage of the Russian firm’s facilities to produce certain equipment. “We are ready…

No limitation for foreign banks in Iran free zones

Director of Banking and Insurance Affairs of Supreme Council for Iranian Free Zones said Wednesday all legal obstacles in way of opening foreign banks’ branches have been lifted, advising such banks to focus on offering services including finance deals. Nasser Khormali focusing on provision of the required legal prerequisites for…

Iran expects oil prices to rise to $60pb only after 2020

A senior Iranian oil market expert says the price of oil will gradually rise in 2016 but will not cross $60 per barrel before 2020. Iran Oil Ministry Director for OPEC affairs Mehdi Assali said that the oil price slump will bring investors to the Middle East given low cost…

2015 energy recap

A mixed bag for the global and domestic energy industry, 2015 was marred by a Saudi Arabia determined to take oil price to its lowest level and marked by a turning point in Iran’s political and economic relations with the world following the nuclear deal halfway through the year. Oil…

Iran nominated for Energy Globe Award 2015

Tehran’s sewerage project has been nominated for the Energy Globe Award 2015, which is one of the most prestigious environmental awards, the Energy Globe website reported. Eligible for participation are projects with a focus on saving resources, improving air, soil, or water quality, increasing energy efficiency, using renewables, as well…