TEHRAN – China’s Sinopec Engineering (Group) Co., signed a deal with National Iranian Oil Engineering and Construction Company (NIOEC) to contribute to engineering, procurement and construction of phase II of Abadan refinery upgrading project in Iran. “The group will pursue approximately 6.86 billion yuan ($1.05 billion) of the total contract value”, Nikkei Asian Review cited […]

TEHRAN – Iran’s top four Asian buyers – China, India, South Korea and Japan – imported 1.362 million barrels per day (bpd) of Iranian crude oil in November, government and ship-tracking data showed. According to Reuters, China was the biggest buyer, importing 557,876 bpd. South Korea, India, and Japan ranked next, importing 345,700 bpd, 265,700 […]

The law on implementation of the general policies of the Article 44 of Iran’s Constitution on privatizing state-owned companies was declared in 2006 in a bid to downsize the government and promote the private sector’s role in the national economy. The government envisioned a large privatization program in the Fifth Five-Year National Development Plan (2010-2015), […]

TEHRAN- National Iranian Tanker Company (NITC) Managing Director Sirous Kianersi said that Total and Shell are among the international companies that have leased out Iranian oil tankers since the implementation of Joint Comprehensive Plan of Action (JCPOA) that lifted the sanctions against Iran in January 2016. In an interview with Tasnim news agency, the official […]

Having abundant energy resources and a great number of power plants, Iran is one of the Middle East’s top energy suppliers which contributes to the region’s electricity supplements both directly through electricity exports and indirectly via exporting natural gas being used as feedstock for the destination countries’ power plants. Considering the fact that the country […]

TEHRAN – The 14th exclusive exhibition of Iranian goods and services is due to be held in Turkmenistan’s capital Ashgabat on March 1-3, 2018, the portal of Trade Promotion Organization of Iran (TPO) reported. Iranian companies active in various areas including electricity, oil and gas, petrochemicals, auto and spare parts, wood industries, as well as […]

TEHRAN – An NIDC official said as many as 119 oil and gas wells were drilled and completed over the first nine months of the current Iranian calendar year (began March 21). Corporate Planning Director of National Iranian Drilling Company (NIDC) Naser Gholipour pointed to drilling of 119 new oil and gas wells so far […]

Oil prices in New York jumped to a two-and-a-half year high Tuesday and briefly topped $60 a barrel due to a Libyan pipeline explosion and frigid weather in the US. The benchmark US contract, West Texas Intermediate for February delivery, rose $1.50 to $59.97 a barrel after earlier breaching $60 for the first time since […]

Shares in Hyundai Heavy Industries plunged by nearly a third on Wednesday after the world’s largest shipbuilder by sales announced a plan to issue new stocks in a bid to shore up its ailing finances. The South Korean firm has struggled amid an industry-wide slump in recent years, as global demand slowed and competition from […]

TEHRAN – Iran has experienced a 56-percent decrease in average precipitation over the period from September 23-December 25 compared to the same period in the long run, the country’s meteorological organization has announced. South Khorasan, Qom, Yazd and Isfahan provinces show the most dramatic decline of more than 90 percent. Tehran is ranked 8th with […]