Gazprom disagreed with the ruling and voiced its intention ".to protect the rights which are available to it under the applicable law.".

The burgeoning Iraq-China partnership was said to be anchored by a dramatic increase in oil trade.

Energy companies including BP. Total. Statoil and Eni are present in Russia.

It is predicted that the US President Donald Trump will confirm the suspension of sanctions on Iran in May 2018.

On March 2. Gazprom announced its intention to initiate in the Stockholm Arbitration termination of all existing contracts with Naftogaz.

The average cost of Iran exports to Iraq has been $460 since the beginning of the current Iranian calendar year.

Russia’s gas giant Gazprom has started a procedure to terminate contracts with Ukrainian energy firm Naftogaz.

Iran had asked international companies to bid for the second phase of development of Yadavaran and North Azadegan oilfields last year.

Any investments would be favored by oil ministry.

World energy demand will grow strongly under all scenarios. Chevron said.