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Moon, Saudi crown prince discuss global response to attack on oil facilities

Moon, Saudi crown prince discuss global response to attack on oil facilities

Seoul: The leaders of South Korea and Saudi Arabia agreed Wednesday to strengthen partnerships in the fight against terrorist acts, such as the recent drone attack on oil facilities in the Middle Eastern nation. In phone talks, President Moon Jae-in and Crown Prince Mohammed bin Salman also emphasized the importance of a unified response to […]

Threat of energy crisis in Indonesia

Threat of energy crisis in Indonesia

The further erosion of Indonesia’s oil production is a real threat and it cannot be denied that it is a burden on state finance. The government must provide Rp.1 trillion per day to import oil so that Indonesia’s daily oil needs are met. Until now the country’s oil production meets only 48.75% of the one million […]

4th anniversary of The Joint Comprehensive Plan of Action

4th anniversary of The Joint Comprehensive Plan of Action

July 14th was the 4th anniversary of The Joint Comprehensive Plan of Action. It is known as the agreement on the Iranian nuclear program reached in Vienna on July 14, 2015, between Iran, the P5+1, and the European Union. Rohani government reached the agreement after 23 months of breathless dialogue and diplomacy. Political critics believed that […]

Russia and Iran in oil swap talks

Russia and Iran in oil swap talks

Tehran is in talks with Russian companies on petroleum swap deals, Iran’s deputy oil minister for international affairs Amirhossein Zamaninia said. “Yes, we are,” he said when asked whether the country is in talks with Russia on swap deals, Financial Tribune reported cting TASS. According to deputy minister, initially the deals may total 150,000 barrels […]

Japan trading houses eye resuming Iran oil imports

Japan trading houses eye resuming Iran oil imports

Japanese traders including Marubeni Corp. and Sumitomo Corp. that stopped buying Iranian oil during western sanctions are looking to resume imports, potentially by year-end, industry sources said, The Japan Times reported. Conservative Japanese firms have so far held off taking Iranian crude due to a lack of internationally acceptable insurance coverage, but are looking at […]

Iran Ready for Oil Swap with Caspian Neighbors

Iran Ready for Oil Swap with Caspian Neighbors

An official with the Iranian Oil Terminals Company (IOTC) says Iran can swap up to 120,000 b/d of crude oil with its northern neighbors at North Oil Terminal, Shana reports. Hamid Reza Shadoust, a local IOTC official in the city of northern city of Neka, said on August 16 that preparations began at the terminal […]

Azerbaijan allocates $850M for refinery construction in Turkey

Azerbaijan allocates $850M for refinery construction in Turkey

Azerbaijani State Oil Fund (SOFAZ) has allocated $844 million as of July 1, 2016, as part of the country’s financing the project of construction of a new oil refinery of Azerbaijan’s SOCAR in Turkey, SOFAZ told Trend. In accordance with the decree of Azerbaijani President Ilham Aliyev on additional measures to support the participation of […]

Iran to barter oil with Turkey for rail

Iran to barter oil with Turkey for rail

Iran has reportedly sealed a deal with Turkey to barter oil for rail. According to Tasnim news agency, the 80-million euro deal, Iran will buy nearly 1,000 kilometers worth of rails from Turkey, Pars Today reports. The report quoted Turkish Transportation, Maritime Affairs and Communications Minister Ahmet Arslan as saying that Turkey will buy oil […]

Iran Becomes 3rd Major Oil Supplier to India

Iran Becomes 3rd Major Oil Supplier to India

Iran stands the third major supplier of oil to India after Saudi Arabia and Iraq for exporting more than 500,000bpd crude to the country. Based on the statistics available, India imported 4,350,000bpd oil on the average in the first three months of 2016, showing about 500,000 bpd increase in the imports compared to the amount […]

China and Iran to build oil export terminal in Persian Gulf

China and Iran to build oil export terminal in Persian Gulf

China and Iran agreed to jointly build an oil terminal in the Persian Gulf. The planned oil terminal will be built on Qeshm Island in the southern part of the Persian Gulf. It is expected to turn it into an important hub for oil production and storage. The $550-million contract was signed by Iran’s Machine […]

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