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Under the terms of the deal. Iran’s Petropars is committed to finance the study phase of the project while Toyo of Japan will undertake financing of its executive phase.

Concluding Contracts with topnotch firms can positively impact the country'.s economy in the long run.

The first and second stages of the project would become operational in 40 months and 60 months respectively.

Saudi Arabia plans to develop 30 solar and wind projects over the next 10 years.

Libya and Nigeria have seen a significant increase in oil production in May and June.

Iran aims to attract more than $70 billion for dozens of new petrochemical plants in line with plans to double its petrochemical production capacity in five years.

This contract will send a strong political message to the world especially at the time that the Americans have adopted a confrontational course (against Iran).

Statoil currently has 16 supply vessels on long-term contract with 10 different ship owners.

Iran'.s oil minister said in May that the international tender for the Azadegan oilfield was underway.

Gulf states accounted for 11.8 per cent of natural gas production in the world.