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Exports to Europe are set to drop 39 percent to 510.000 bpd in October from a month earlier. Exports to the Middle East will hold at 111.000 bpd.

Aramco’s petrochemicals output is about 30 million tonnes a year from plants it owns and joint ventures in Saudi Arabia and abroad.

According to projections. the zone’s output will reach 21 million tons by the end of the fiscal.

Total also has interests in four exploration blocks it was awarded in auctions last year. two of which it operates.

There were several pending issues with Iran particularly relating to the oil payment. Most of them have been resolved.

Kazemi was designated as an adviser to the oil minister after four years at the helm of the state-owned company.

Saudi Arabia has been making contingency plans for a possible delay of the IPO. expected to be the largest in history.

The field. located near the southern Iraqi city of Basra. pumped its first oil in September 2013.

Based on the agreement. the French company would cooperate with Iran'.s Samin Sazeh over the project.

NISOC'.s contractual model conforms to the outlines of IPC. such as terms of 20-25 years and higher rewards for riskier projects. but differs in specifics.