Iranian Oil Industry Ventures (IOIV), a newly established semi-governmental entity that is helping startups active in oil industry, has signed four deals with domestic companies in order to support their activities in the current Iranian calendar year (started on March 21).
Iranian First Vice President said on Tuesday that the oil and gas sector has undergone the most pressure from the sanctions, adding that the oil and gas and petrochemical sectors are crucial for the economic development of the country.
An official with the Tehran Oil Refining Company said more than 90% of the company's refining parts and equipment are provided by domestic manufacturers.
The head of Khatam-al Anbiya Construction Headquarters said while Iran is under the most severe sanctions, it is getting ready to put the NGL project west of Karun in operation.
Iranian oil exports have risen sharply in September in defiance of US sanctions, three assessments based on tanker tracking showed.
The first phase of Iran’s key oil terminal in Jask region on the Sea of Oman will become operational by March 2021, said a project contractor on Tuesday.
Oil prices recovered on Tuesday, erasing overnight losses, as investors moved into risk assets and away from the safe-haven US dollar which tumbled to multi-year lows.
Iranian President Hassan Rouhani on Monday inaugurated three large projects in the oil, gas and petrochemical industries.
Energy giant Saudi Aramco said on Sunday its second-quarter profits plunged a massive 73 percent due to sharply lower oil prices as the coronavirus pandemic crisis undercuts global demand.
OPEC could be preparing for hard days as expectations rise for prolonged demand destruction caused by the coronavirus pandemic.