Oil

The cut deal is very likely to be extended through to mid-2018 and even maybe end-2018.

The project has faced repeated delays since it was conceived in the 1990s to connect Iran'.s South Pars gas field to Pakistan.

China had asked Russia about the possibility of shipping around 3.5 million tonnes of oil via the Russian Pacific port of Kozmino next year.

Under the agreement OPEC is curbing its collective oil production by about 1.2 million bpd.

CNOOC. according to its website. is looking for foreign partners to explore and develop 22 blocks this year.

The country currently produces 513.500 tons of crude oil per day of which 230.000 tons are refined.

Russian oil output fell to a year-low of 10.91 million bpd in August from 10.95 million bpd in July.

There is intense competition across the world to attract foreign investment. but the assets are limited while competition for absorbing them is high.

In July. NIOC signed an MoU with Japan’s engineering group Toyo to revamp facilities and upgrade recovery at the Salman gas field in the Persian Gulf.

According to SHANA. the new oil deals based on Iran Petroleum Contract (IPC) is expected to replace buy-back contracts.