Tag Archives: National Iranian Oil Co. (NIOC)

There is a huge ground for cooperation in the energy sector between Iran and Azerbaijan to help boost the two nation'.s economic development.

The required investment in the project would be around $1 billion.

Iran also plans to introduce its new heavy crude grade from the West Karoun oil field as soon as six months from now.

IOOC is working on most of Iran'.s oil platforms. adding that since about two years ago.

Iran currently produces about 3.8 million barrels per day (mb d) and exports about 2.2 mb d. plus 400.000 bpd of condensate.

NIOC has informed buyers in Asia that it could reduce condensate exports in October because of the maintenance at South Pars. industry sources have said.

Since the Joint Comprehensive Plan of Action (JCPOA) was accorded Iran’s petrochemical industry has been booming.

Iran Heavy. one of the country'.s main export grades. settled at $51.60 a barrel. up 91 cents from the previous week.

India. China. the Nakhchivan Autonomous Republic. Armenia. Pakistan. Afghanistan and Sri Lanka also buy Iranian petroleum derivatives.

Iran'.s share in total reserves of the field is about 11 percent. Foroozan contains 3.432 billion barrels of in-situ oil reserves.