Iran not in favor of bearish market—Minister

TEHRAN, Jan. 03 (Shana) — Iran says the country is not willing to exacerbate the already bearish market by adding to the global oil market’s supply excess, but it will “recapture its share.”

“We are not seeking to distort the market but will regain our market share,” said Iranian Minister of Petroleum Bijan Zangeneh on Sunday.

Speaking on the sidelines of a meeting to sign landmark deals with a number of Iranian universities for carrying out downstream petroleum projects, Zangeneh said that gasoline will not be prices in a multi-tier manner in the country and only stations which offer extra services will be able to charge more for the gasoline they sell to their customers.

Three of the Iranian Ministry of Petroleum’s affiliate companies have signed deals with Iranian universities to carry out studies on 12 downstream projects in a 5-year period.

CEOs of the National Iranian Gas Company (NIGC), National Petrochemical Company (NPC), and National Iranian Oil Products Distribution Company (NIOPDC) signed 12 contracts with dozens of Iranian universities and study centers for performing studies on the company’s projects.

Iranian Minister of Petroleum Bijan Zangeneh and Minister of Science, Research and Technology Mohammad Farhadi were also present in a ceremony held on Sunday to sign this landmark agreement.

Accordingly, NPC signed a 5-year agreement, valued at IRR 1,100 bn, with the universities of Shiraz, Tarbiat Modarres, Chemistry & Chemical Engineering Research Center of Iran, and Amir Kabir University of Technology to execute studies over numerous projects for production of methanol, olefin, propylene, and polyolefin catalysts.

Furthermore, NIGC has signed a similar agreement, valued at IRR 910bn, with the universities of Tehran, Research Institute of Petroleum Industry (RIPI), Iran University of Science and Technology, and OTC Company for studying gas to liquids (GTA), liquefied Natural Gas (LNG), gas refining and gas sweetening and turbines, and smart measuring projects.