December 16, 2017

Japanese Oil and Gas Interests Eye Opportunities in Iran – Middle East – Haaretz Daily Newspaper Israel News

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Japan and Iran will start negotiations on an investment accord once sanctions are lifted following last month’s landmark international deal on Tehran’s nuclear program, business daily Nikkei Asian Review reported on Wednesday, citing Japanese government sources. Initial talks are being held between the two countries to prepare for the lifting of sanctions and begin formal negotiations, Nikkei said, without identifying the sources. Japan is keen to boost ties with Iran and invest in resource projects in the country, as well as return imports of Iranian oil to about 10 percent of the total from 5 percent now after sanctions forced…

Iran is hiding more oil at sea than we realized

That’s a key question because Iran’s nuclear deal with the West could lift crippling sanctions, and pave the way for tons of Iranian oil to hit the market. A surge in Iranian exports would only deepen the oil supply glut that has sent prices to fresh six-year lows this week to below $43. Iran claims it’s not stockpiling oil in tankers in the Persian Gulf, but no one believes it. Up until recently, energy experts thought Iran’s vessels held 30 million to 40 million barrels of oil. But maritime surveillance firm Windward has harnessed sophisticated technology to determine Iran is actually hoarding 50…

Iran Targets 45 Oil and Gas Projects in Plan to Boost Output – Bloomberg Business

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Iran has selected 45 oil and gas projects to show international companies at a conference in London in December when new oil contract models will be discussed ahead of exploration auctions to double the country’s crude output. The projects, including oil and gas exploration, will be discussed along with details of a new oil contract model at the Dec. 14-16 conference, Mehdi Hosseini, chairman of Iran’s oil contracts restructuring committee, said in an interview in Tehran. Iran hopes to boost crude production to 5.7 million barrels a day, he said. The Persian Gulf nation’s output was 2.85 million barrels a…

Lifting Iran sanctions will drag oil prices down by $10 – World Bank — RT Business

Removing the sanctions against Iran over its nuclear program will have a considerable effect on Iran’s economy, the country’s trading partners and the global oil market, according to the World Bank. Experts forecast that oil prices will drop $10 per barrel in 2016. Iran’s return to the world market is expected to add 1 million barrels of oil a day to production, the World Bank said in its report Monday. While the increase will drag oil prices to new lows from the current $49 a barrel, it will also help Iran’s economy grow. The World Bank expects Iran’s economic growth to accelerate…

With Iran’s Help, India Eludes China in Race for Gas Riches – Bloomberg Business

BISHKEK, KYRGYZSTAN - JULY 11: Indian Prime Minister Narendra Modi (R) and Kyrgyz Prime Minister Temir Sariev walk past a guard of honor during a welcoming ceremony in Bishkek, Kyrgyzstan on July 11, 2015. (Photo by Nezir Aliyev/Anadolu Agency/Getty Images)

  Anyone looking for the biggest immediate impact from Iran’s nuclear deal may want to turn away from the Middle East and toward the Indian subcontinent. With U.S. sanctions easing, India is racing to build a port in Iran that will get around the fact that its land access to energy-rich former Soviet republics in Central Asia has been blocked by China and its ally Pakistan. “We’re seeing the latest manifestation of the Great Game in Central Asia, and India is the new player,” said Michael Kugelman, a South Asia expert at the Washington-based Woodrow Wilson International Center for Scholars….

Russia Seen as Biggest Oil-Market Loser When Iran Comes Back – Bloomberg Business

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In Iran’s push for a nuclear deal, it’s had few better allies than Moscow. But if an agreement is reached this week, President Vladimir Putin’s regime will have at least one reason to reflect on its support. Russia, which vies with Saudi Arabia and the U.S. to be the world’s largest oil producer, has the most to lose when Iran returns to the global energy market, according to a dozen analysts and executives at oil companies, banks and trading houses interviewed by Bloomberg. “Iran is going to be competing in Europe head-on with Russia,” said Ed Morse, head of commodities…

Iran’s oil ministry to submit new international contract draft ‘soon’ -Shana| Reuters

Iran’s oil minister Bijan Zanganeh will soon present a long-awaited template for new international oil contracts to the government, as foreign companies watch for a nuclear deal that could allow them into a major untapped market. Iran is in the final stages of negotiations with world powers on its disputed nuclear programme. A deal could remove international sanctions within months, opening one of the world’s top energy producers to foreign investment. “The oil minister will soon lay out the new model for Iran’s international oil contracts to the council of ministers,” Mehdi Hosseini, head of Iran’s Oil Contracts Revision Committee,…

Iraq, Kurdistan Oil Deal Close to Collapse – WSJ

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AGHDAD—An oil-sales deal between Iraq and the semiautonomous Kurdistan Regional Government is close to collapse about six months after it was signed, undermining the country’s unity as it struggles to fight Islamic State and contain an escalating financial crisis. Months of acrimony between Baghdad and Erbil, the KRG’s capital, came to a head in June, when the Kurdish side reduced the amount of oil it sold through Iraq’s state-owned Oil Marketing Company, known as SOMO, and began ramping up its independent sales of oil through the Turkish port at Ceyhan. The sales undercut an agreement struck in December that gave Iraq’s central…

Nuclear Deal Would Help Iran’s Oil Sector: Petroleum Minister Bijan Zangeneh

Iran’s petroleum minister said he is not worried about the oil market. Bijan Zangeneh said a nuclear deal between the country’s government and six world powers would make the situation favorable for Iran. Zangeneh said Iran should not worry about the oil market, as the price per barrel was still less than $10. He added that the price was low not only in Iran but in the entire Middle East. “We hope that we can increase our exports to international markets,” Iran’s Press TV quoted Zangeneh as saying. “We want to raise our exports within few months to the level that we…

allAfrica.com: Nigeria: Iran Targets U.S.$500 Million Trade in Nigeria

Lagos — The Islamic Republic of Iran has said it is targeting increased trade volume and value in Nigeria from $50 million to $500 million. Mr. Saeed Koozechi, the Iranian Ambassador to Nigeria, disclosed this while addressing participants at the opening of a 3-day Iran solo exhibition in Lagos. He said the exhibition is expected to open doors of opportunities for both Iranian and Nigerian companies and business. There were at least 15 Iranian companies showcasing Iranian made machines and various products in the Lagos exhibition. “It will help to identify each other’s capacity in order to deepen trade relations…