Iran Review

Iran has ordered all contractors of South Pars gas field development projects to work round the clock in three shifts to complete the development of all phases in quick time to battle tough sanctions imposed by the West on account of its nuclear programme IRAN, the Organization of the Petroleum Exporting Countries’ (Opec) second biggest oil exporter after Saudi Arabia, will invest around $30 billion in its oil and gas sector in 2012...






Japan, South Korea and India all cut imports from Iran to gain a waiver from the US sanctions which threaten to cut off institutions dealing with Iran THE sanctions reducing Iran’s oil exports have played in the favour of major producers such as Saudi Arabia, Russia and Venezuela which now export about 21 per cent more crude to Asia’s biggest buyers compared to a year ago...






The deal between NIOC and Unipec, the trading arm of Chinese state-owned Sinopec, ends a dispute over payments, although it was unclear whether Unipec had accepted a reduction in the credit period to 60 days from 90 days THE National Iranian Oil Company has signed a new term crude supply agreement with Chinese trader Unipec for 2012, ending a dispute over payment terms and removing a major question mark that had overshadowed the prospects for Iran maintaining crude exports to China at volumes at or near previous...






Iran has already extended a credit line of $500 million to Pakistan besides offering to provide pipeline, gas compressors and other related equipment PAKISTAN and Iran have decided to establish a joint working group to evolve a strategy on how the two countries can go ahead with the Iran-Pakistan (IP) gas pipeline project despite US-imposed economic sanctions against Iran on account of its purported nuclear ambitions, says a senior official at...






Tehran’s payment flexibility could also help stabilise global oil markets, which have been rattled by fears of disruption to Iranian supply IRAN is resolutely avoiding cutting its official oil prices to its core Asian customer base and is instead sweetening payment terms, despite facing mounting Western sanctions...






IRAN is making a new bid to exploit its ultra-heavy crude reserves, bringing in a new contender for three fields two years after awarding an $800 million contract to an earlier would-be developer. However, there is speculation that the timing of the latest agreement is part of recent official...






Iran is exporting 1.1 mbpd a day of oil, according to the median estimate of 10 analysts, down from an average of 2.3 million in 2011. The lost sales are valued at $133 million a day, based on the 2012 average price of $110.60 a barrel for Iran Heavy crude US-LED sanctions against Iran are costing Opec’s third-largest producer $133 million a day in lost sales without raising global crude prices, handing President Barack Obama an election year foreign policy victory...






Chinese industry sources say that CNPC had finalised the offshore Feed for the Phase 11 gas project and was now considering whether to launch an EPC tender CHINA National Petroleum Corporation (CNPC) is continuing to work on the $4.7 billion South Pars Phase 11 gas project in Iran, but may drop out if political uncertainty persists and Iran insists on a liquefied natural gas link, according to Chinese sources...






The US sanctions regime is creating uncertainty over newbuildings on order in China and Korea IRANIAN newbuilding orders at Chinese and South Korean yards are drawing closer legal scrutiny as the US continues to tighten its sanctions regime against the defiant Islamist state. US sanctions specialists say it is impossible to be certain from a distance about whether the newbuilding deals, long...






Hobbled by sanctions against its banks and a growing international boycott of its petroleum, Iran is seeing its revenue sag while its oil sits in storage depots and floats in tankers with nowhere to go, US security officials and diplomats say INCREASINGLY hard-pressed to find buyers for its petroleum, Iran has been routinely switching off satellite tracking systems on its sea-bound oil tankers for more than a month, in what US officials and industry analysts describe as a cat-and-mouse game with Western governments seeking to enforce...






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