Tag Archives: Iranian oil

Leader calls for oil-free economy in Iran

SL & Iranian elites

TEHRAN (Tasnim) – Supreme Leader of the Islamic Revolution Ayatollah Seyed Ali Khamenei called for formulation of necessary plans to cut Iran’s dependence on oil revenues and govern the country on the basis of domestic capabilities instead of natural resources. “Instead of relying on the oil revenues, Iran should be governed by rely on the domestic forces and the sources ... Read More »

India grants 3-mth extension to Iranian underwriters -ministry letter

Iran's non oil exports

(Reuters) – India has extended a temporary approval to Iranian underwriters Kish P&I Club and Moallem Insurance Co for covering container and tanker vessels calling at Indian ports, in a move that should clear a backlog of non-oil shipments. The three-month extension is unlikely to revive imports of Iranian oil as most Indian buyers have halted shipments because of an insurance ... Read More »

Oil and gas problems: India must grab opportunities in Iran and Iraq

oil tanker

Western bullying has not really helped but sanctions have caused serious economic hardship to Iran. No progress was made in new projects for many years due to the difficult conditions in Iraq. India must look for opportunities in both the countries in oil and natural gas India imports 184 million tonnes (MT) of crude of which 13%, or to 24 MT ... Read More »

S.Korea’s June Iran crude imports down 23 pct on year

SEOUL, July 15 (Reuters) – South Korea’s imports of crude from Iran dropped 23 percent in June from a year ago, missing its target for cuts in average daily shipments from the Middle Eastern country in June-November. Countries that import Iranian oil must make continuous cuts to keep getting six-month waivers under U.S. sanctions aimed at cutting Iran’s flow of oil money ... Read More »

Iran asks India to settle all oil payment in rupees – sources


(Reuters) – Iran has asked India to settle all oil trade including $1.53 billion owed to Tehran in the partly convertible rupee as the sanctions-hit nation cannot find an alternative payment channel, industry and government sources in Delhi said. India has been paying for 45 percent of its Iranian oil imports in rupees, which has limited international acceptability, and was ... Read More »

Chinese firm to cooperate with Iran on oil pipes manufacturing

oil facility in southern Iran

Iran’s Arvand Free Trade Zone (FTZ) has signed a memorandum of understanding with China’s Hang Seng Oil Pipeline Manufacturing Co to cooperate in the field of production of specialised oil pipelines in the FTZ, Fars news has reported. “The investment will be made in three phases for the establishment of the industrial site of Arvand FTZ in an area of ... Read More »

Strategic market consultant: Iran at the crossroads

Hassan Rouhani

Tehran, YJC. — Chris Cook a former director of the International Petroleum Exchange believes that the election of President Rouhani represents a crossroads not only for Iran, but regionally and globally. Cook who is now a strategic market consultant, entrepreneur and commentator visited Iran seven times since 2004. He in his exclusive article for Trend news writes: I have the highest regard ... Read More »

Oil extends gains above $103 after U.S. hiring jump

oil tanker

TEHRAN, July. 9 (MNA) – The price of oil extended gains above $103 a barrel Monday after a stronger-than-expected jump in U.S. hiring suggested demand for fuels will increase. Benchmark crude for August delivery was up 18 cents at $103.40 at early afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract on Friday jumped $1.98 ... Read More »

MRPL aims to resume Iran oil imports

Iranian oil exports

(Reuters) – MRPL is preparing to resume oil imports from Iran, after stopping in April, having secured local reinsurance for claims of up to 5 billion rupees, its managing director said in a letter seen by Reuters. Mangalore Refinery and Petrochemicals(MRPL.NS), which was Iran’s top Indian client, halted imports because local insurers said they could no longer cover plants that ... Read More »

Tabriz oil refinery starts producing high octane gasoline

Tehran Oil Refinery

TEHRAN (FNA)- Tabriz oil refinery on Monday started the daily production of more than 900 thousand liters of high octane gasoline. As one of Mehre-Mandegar (Lasting Kindness) projects, the gasoline production capacity-boost project at Tabriz Oil Refinery started two years ago and some 2.797 thousand billion rails has been spent in the project so far. In addition to Tabriz oil ... Read More »