An Iranian MP has asked the Oil Ministry to take measures to extract oil from shale resources in south-western Iran.
Germany’s major oil and petrochemical companies, including BASF, have expressed their willingness to invest a total of $12 billion in the Iranian oil sector.
Iran has managed to raise its oil production and export to 4 million and over 2 million barrels per day, respectively, in a four-month period of time, following the removal of sanctions on the country’s oil sector.
Iran’s Oil Minister Bijan Zanganeh says the country’s overall sales of crude oil and condensate will reach as high as $41 billion by the end of the current Iranian calendar year (21 March 2017).
Head of the Atomic Energy Organization of Iran (AEOI) Ali Akbar Salehi says the construction of new nuclear power plants in Bushehr, southern Iran, helps save some two million barrels of oil per year.
Iran says it is ready to proceed with a much-awaited project to export natural gas to Iraq as soon as Baghdad takes measures to make the related payments.
The row between Iran and Turkmenistan over outstanding debts for previous natural gas sales is taking to new highs with Tehran saying it plans to sue Ashgabat for turning off the taps.
Iran’s oil ministry has certified 29 international companies to bid for oil and gas projects in the country under its new format of oil contracts, a report said.
Iran has reportedly cut electricity exports to Iraq due to the country's accumulated debt of nearly $1 billion to Iraq, Iranian and Iraqi officials noted.
A combined-cycle power plant will be constructed in Iran’s central city of Damghan in cooperation with Germans, the local Governor announced.