Iran’s oil minister says the country, which sits on the largest oil and gas reserves of the world, is ready to increase its crude output to pre-sanctions levels in as short a time as possible.
Iran’s national oil company and Russia’s energy giant, Gazprom, have signed a major memorandum of understanding worth billions of dollars for a joint investment in oil and gas projects, despite sanctions on both countries.
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.
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.
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.
Iran’s oil ministry says the government has managed to avoid imprest funding from the central bank in the first months of the Iranian calendar year (starting from March 21) for the first time in the past years, thanks to an increase in oil export revenues.
A spokesman for the Iranian oil ministry says oil revenues earned by the country have increased by more than 60% in April and May compared to the same period last year.
The head of a major Iranian energy union warns that Russia appears to be taking over Iran’s share of the Chinese oil market, saying that Tehran should, in return, try to take the place of Moscow in the European market to prevent a decline in its crude sales.
Iran’s Oil Minister Javad Oji says the country has signed 28 contracts worth one billion euros (1.065 billion dollars) to end flare burning at its industrial plants.
Iran’s Oil Minister Javad Owji says the country’s crude production capacity has reached more than 3.8 million barrels per day (bpd), equaling the levels that existed prior to the imposition of tough American sanctions on the country’s energy industry.
Iran’s Oil Minister Javad Oji says the country needs a $200bn investment in the upstream and downstream and petrochemical industries, the bulk of which has been raised under 50 contracts.
The National Iranian Oil Company (NIOC) says the second oil field in the country’s southwestern Fars Province has officially gone on stream, with an initial production capacity of 9,000 barrels of crude per day.
