Oil

.Iran has launched a new project aimed at enhancing production capacity of Abadan Oil Refinery and stabilizing its operation

.Iran’s refinery capacity is now 1.700.000 barrels per day

.Based on the U.S. Congress sanctions. the American oil companies cannot work in Iran

.The two neighbors hope the pipeline can be commissioned two years after construction work begins

.The US said the sanctions would not impact the Joint Comprehensive Plan of Action deal

.The world’s largest oil-consuming country could sell as much as 800.000 barrels per day of crude overseas this year

.NIOC has approved 11 domestic corporations for partnership with internationals in future oil and gas projects

Iran is estimated to be stilling atop 711.53 billion barrels of in-place oil reserves of which 102.33 billion barrels are recoverablle

.OPEC’s agreement lasts for six months. with the goal of shrinking bloated oil inventories that are keeping a lid on prices

.Iran'.s gas production has soared to 840 million cubic meters per day from a total of 490 mcm/d in mid-2013