Oil

Indonesia and Iran agreed to build an oil refinery in Indonesia at a cost of US$5 billion with a processing capacity of 300.000 barrels of crude oil per day.

The purchases will be carried out via Promsirieimport. a trading unit of Russia'.s Energy Ministry.

Tehran'.s exceedingly tight budget does not measure up to its energy aspirations.

Azerbaijan and Iran are to increase air service between the two countries.

Iranian heavy crude also increased by 29 cents in price to be traded at 53.05 cents.

The oil market remains focused on the global rebalancing act.

China marked the largest buyer of Iranian products by purchasing goods worth of 7.298 billion dollars in the past eleven months.

Iran shares a number of oil and gas fields with its Arab neighbors in west and southwest.

BASF said it was in talks with Iran over a possible investment of its oil and gas division in the country.

The volume is expected to reached 600.000 b d in the next fiscal year.