NIOC: 24 MoUs for signature with international oil executives

Deputy Managing Director of National Iranian Oil Company (NIOC) Gholamreza Manouchehri said on Monday that some 12 Memorandums of Understanding have been signed with foreign oil executives so far and 12 other MoUs will be signed soon. The official said that low risk and expense for production of oil and…

Italy to invest in Iranian petchem industry

Deputy Head of the Commercial Development Section in Italian Embassy in Tehran Tony Giardini says Italians are ready to invest in Iranian petrochemical industry. Corradini said Iranian and Italian oil and gas industries share firm bonds as is testified by design of two refineries in Italy to use Iranian crude…

Iran to sign first new oil contracts with domestic firm: report

The National Iranian Oil Company (NIOC) will sign the first of its new oil and gas contracts (IPCs) with a domestic firm on Tuesday, the managing director of the state-run company was quoted as saying by Fars news agency on Monday. “Tomorrow NIOC will sign a contract with Setad Ejraye…

$180bn investment in oil industry needed – official says

Deputy Head of the National Iranian Oil Company for investment and financial resources, Ali Kardar said on Tuesday that $100 billion is needed in the upstream sector and 80 billion dollars in the downstream sector in order for development of oil industry in the 6th Five-Year Economic Development Plan (2016-2021)….

Japan refiners, banks resume Iran trade

Japanese oil refiners have started oil payments to Iran through the Asian country’s largest lender, the Bank of Tokyo-Mitsubishi UFJ (BTMU) which has resumed transactions with Iranian banks, a report says. Tokyo lifted sanctions against Iran last month after a landmark nuclear deal with the Islamic Republic went into effect….

‘No change in crude production increase’

A senior oil official said Iran does not intend changes in its plans to increase oil exports in post-sanctions era. Talking to IRNA on Saturday, Director General of Oil Ministry for OPEC and Oil Forums Mehdi Asali said Iran intends to increase crude production and exports by 500,000 barrels per…

Market inclined to low prices: Iran

A senior Iranian oil official said predicting the changes in global crude prices is ‘quite difficult’. ‘This is despite the fact that market indices, including supply and demand, speak of a bearish market in the coming months,’ Mohsen Qamsari, head of international affairs of the National Iranian Oil Company (NIOC),…

Tehran, Athens to sign energy MOU during Greek PM’s Iran visit

Deputy Petroleum Minister for International and Commercial Affairs Amir-Hossein Zamani-nia said that Iran and Greece will sign an energy memorandum of understanding (MOU) during Greek Prime Minister Alexis Tsipras’ next month visit to Iran. Announcing a two-day visit of a delegation of the Iranian Petroleum Ministry’s delegation to Greece, Zamani-nia…

Taiwan to increase oil imports from Iran

Taiwan’s refiners will increase crude imports from Iran this year, paving the way for the sanctions-hit OPEC producer to regain its market share in Asia, company spokesmen said on Monday. The companies are likely to be among the first in Asia to restart trade relations with Iran after the lifting…

Bank Mellat opens European accounts to collect oil dues

Bank Mellat of Iran took initiative to open accounts with the European banks in order to collect overdue payments of the National Iranian Oil Company (NIOC) worth 1.2 billion euros. It has also opened other accounts with foreign agent banks in Europe and Asia in a bid to facilitate receipt…