Tag Archives: Iran

European companies resumed purchase of oil cargoes from Iran since implementation of the Joint Comprehensive Plan of Action (JCPOA) in 2015.

South Pars is estimated to contain over six billion barrels of crude oil with the recovery rate of 10 percent.

The oil can be transferred both to Iran’s northern refineries and the southern export terminals.

Iran has for long been discussing with Oman to produce LNG in its Qalhat liquefaction plant.

Oil crashed to its lowest levels in over a decade in February 2016 from a high of $115 a barrel three years ago.

Iran is eager to attract investment from big Russian oil companies. and is ready to cooperate with Russia in the oil and gas industry.

Over 800 tankers and vessels of all sizes berthed at the terminal in the last fiscal. up from 540 in the previous year. or around 33%.

OPEC members will discuss extension of the body'.s production cut plan to curb the global oil glut and rebalance the market.

Despite the US pressures. western companies are still interested in investment in Iran.

Tehran has intensified efforts to involve foreign oil and gas majors in its key petroleum industry.