Latest Energy News in Iran – Iran’s economy, while diversified, is still heavily influenced by the state of the oil and gas market. Read more about recent news and developments in the sector here.
Iran, as the top producer of electricity in West Asia, is planning on signing long-term agreements in the electricity sector as part of its active diplomacy in the region, the Iranian energy minister says.
Iranian Deputy Foreign Minister for Economic Diplomacy Mehdi Safari says Iran has launched refineries in three countries for the purpose of making its oil operational.
Iran is implementing propelling plans to step up its petrochemical production capacity during the administration of President Ebrahim Raisi’s tenure by 54 percent, according to IRNA.
The Iranian oil ministry says despite sanctions imposed by the United States, Iran’s crude sales have remained so high that the budget deficit for the current fiscal year has been eliminated.
Iran produced 250 billion cubic meters of gas in 2020, which accounts for 6 percent of the global share and makes up for the loss of its share in the oil market due to sanctions, according to a repot by IRNA.
The Iranian oil minister says the development of the southwestern Azadegan oil field will generate an income of some $115 billion for the country as well as 24,000 jobs for people.
Iranian President Ebrahim Raisi says the signing of a memorandum of understanding to invest $7bn in the South Azadegan oil field, in the Persian Gulf, is an example of mobilization of domestic capabilities.
Iran’s oil minister says the project for development of Azadegan joint oil field in the Persian Gulf, will become operational with a 7-billion-dollar funding by a consortium of mostly private sector investors.
A report released by the Organization of Petroleum Exporting Countries (OPEC) shows Iran has earned more than $25 billion in revenue from oil exports in 2021.
Iranian Deputy Foreign Minister for Economic Diplomacy says the north-south corridor toward Russia has been launched and following a visit by Russian and Kazakh delegations to the Islamic Republic, oil swap deals were revived.
Iranian President Ebrahim Raisi says the country is ready to increase the natural gas swap capacity between Turkmenistan and the Republic of Azerbaijan through Iran.
A report says Iran’s natural gas exports witnessed a 2-percent growth last year, despite the draconian sanctions imposed by the US on the Islamic Republic’s energy sector.
Iraq’s Ministry of Electricity says it will settle its debts for 2020 gas purchases from Iran “within two days,” as part of measures to avoid a halt in the flow of much-needed gas into the Arab country.
The secretary of the Iranian Oil, Gas and Petrochemical Products Exporters Union has proposed replacement of Iraq with Turkey as the destination for Iranian natural gas exports.
An Iran-flagged tanker carrying about 1 million barrels of crude from the Middle Eastern country arrived in Venezuelan waters over the weekend, according to a shipping document seen by Reuters on Monday.
Iran and the Republic of Azerbaijan have signed a deal to double the amount of Turkmenistan’s gas that is transferred to Azerbaijan through the Islamic Republic’s territory under a swap deal.
Iranian Oil Minister Javad Oji says the country is capable of meeting a large part of global needs for gas as it sits on one of the largest gas reserves of the world.
Saudi Arabia may agree to boost oil production to cool skyrocketing prices if Russia’s output falls significantly under the new EU sanctions, according to a report.
The top judiciary office in Iran’s southern province of Hormozgan says a vessel carrying over 106,000 liters of diesel has been seized near the southern Island of Qeshm, for smuggling fuel.
Tehran and Moscow have signed three major memoranda of understanding (MoU) to expand bilateral cooperation in the fields of energy and banking, Iran’s Oil Minister Javad Owji says.
