JOG and CIECO hold 18% and 12% interest in the P.2170 Licence respectively.

The natural gas extracted from the drilling will be equal to 1.5 times the 50 billion cubic metres of gas Turkey imports annually.

Iran’s exports of petrochemicals to Ukraine increased by 70% in the first 6 months of 2017 compared to the same period last year.

The steps come as China ramps up its exploration efforts as crude oil production from ageing wells drops.

In July. Iran exported 2.2 million bpd of oil to Asian and European markets. with its exports to Asia up by 100.000 bpd.

The price for September futures of West Texas Intermediate (WTI) grew by 0.02 percent and stood at $48.83 per barrel.

Known as the world’s largest refinery in terms of area. the Persian Gulf Star is divided into three phases. built near the old refinery of Bandar Abbas.

Iran’s total oil production currently stands at around 4 million bpd and its most important clients are China. South Korea. India and Japan. respectively.

The solar project in Karapınar will meet the energy needs of more than 600.000 households and will create around 1.500 new jobs. according to energy officials.

Changouleh is located close to Iran’s border with Iraq and is among NIOC’s priority development projects.