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Reuters has quoted an unnamed source as saying that the Iranian President Hassan Rouhani and Oil Minister Bijan Namdar Zanganeh met with Iran’s Leader Ayatollah Khamenei to get his approval before the recent historic OPEC agreement.
Iran’s media have hailed what is seen at home as the country’s “victory” in multiple-month negotiations with rivals and allies at the Organization of the Petroleum Exporting Countries (OPEC) over a proposed plan to reduce production and boost the prices.
Iran has voiced optimism that a deal is possible among member states of the Organization of the Petroleum Exporting Countries (OPEC) to freeze production to help stabilize the prices.
Germany has reportedly agreed to provide Iran with a €1.2 billion ($1.27 billion) credit line to help finance a key rail project in what is seen as the biggest foreign financing the country has been able to secure after the removal of sanctions.
The Iranian energy minister says Iran and Japan must make use of the atmosphere created after the implementation of last year’s landmark nuclear agreement between the Islamic Republic and six global powers to boost cooperation in the energy sector.
Iraq will shoulder part of the burden of oil-output cuts, said Prime Minister Haider Al-Abadi, reversing the nation’s previous insistence for an exemption and potentially removing an obstacle to an OPEC deal next week.
Members of Organization of Petroleum Exporting Countries (OPEC) are close to a deal based on which all member states, including Iran, Saudi Arabia, and Iraq are obliged to cut up to 4.5 percent of their oil output.
The deputy head of the National Iranian Oil Company (NIOC) said the country plans to put the development of the South Azadegan oil field out to tender, dismissing reports that the project will be awarded to France’s oil giant Total without its participation in the bid.
Governor of Central Bank of Iran (CBI) Valiollah Seif called for efforts to boost banking cooperation between the Islamic Republic and neighboring Afghanistan.
Iran’s employment of Chinese contractors, rather than Western firms, for the development of its joint oilfields has been criticized by energy experts, particularly now that Iraq has speeded up its output from the oilfields it shares with Iran.
The 8th edition of Iran Air Show started work on November 16 in the Persian Gulf Island of Kish and will display the latest capabilities of aviation and aerospace industries until November 19.
Iran says it will soon start talks with two German companies to open a major credit line of €12 billion for the development of some of its petrochemical projects.
