World Business and Economic Analysis
World Business and Economic Analysis
Lukoil company has expressed interest in re-entering the Iran market with the terms of the International Petroleum Contracts (IPCs), likely to be unveiled by October, the company’s CEO was quoted as saying to Iranian media.
Vagit Alekperov added that Iran could also pass a law allowing foreign companies to invest in Iranian projects by the end of the year.
"Based on the latest meetings I had in Vienna during OPEC, it is around September or October this year. It is mostly agreed on, according to my information, but there are minor details left. But as a rule, those details are always where the problems hide," he added.
"We are working on studying Iran, there are territories that are attractive to us, there is preliminary agreement. But Iran today has no law allowing investors to invest in Iran's territory. It has been discussed for nearly three years now, we hope it will be passed at the end of this year, so that we could evaluate it and start working on it," Alekperov said.
"We have two memoranda on zones of interests that we're analyzing. At this point we're just analyzing the data. Of course we are interested in returning to the Anaran project that we used to work on with Statoil," he said.
Lukoil worked at Iran's gigantic onshore Anaran Block along with Norway's Statoil prior to international sanctions imposed on Tehran over its nuclear programme, the report said.
"We today consider exploration projects and projects that require rehabilitation — those that have been launched but haven't reached the planned production level. We are capable of investing today to increase those projects' [flow]," Alekperov said.
South Korea has been the first destination of newly operating South Pars 19th phase gas condensate products.
Bouncing since JCPOA implementation, Iran’s oil and gas exports to South Korea has almost doubled daily soaring to 400,000 barrels of crude. Gas condensate exports also followed the same trend. South Pars 19th phase had dispatched its first tanker of gas condensate to this East Asian country on Saturday as its first destination. The Iranian tanker carried 300,000 barrels of gas condensates which left southern port to South Korea.
Seyed Pirouz Mousavi, Head of Iran Oil Terminals Company (IOTC) told reporters that this amount of gas condensate had been loaded through floating liquefied natural gas (FLNG) terminal.
Still in a related story, Seyyed Mohsen Ghamsari, NIOC Executive Director for International Affairs had told Mehr News earlier on May that Iran had signed deals to sell gas condensates to two South Korean industrial giants SK and Hyundai which was in addition to crude oil agreements with these countries. In early May, Bijan Namdar Zanganeh met with Kang Hoin, Minister of Land, Infrastructure and Transport of the Republic of Korea, where he announced improvements in Iran’s exports of crude and gas condensates after JCPOA implementation.
Managing director of National Petrochemical Company (NPC) said Iran's petrochemical industry is at a good state and production of petrochemical products is going on as planned.
Speaking to Shana, Marziyeh Shahdaei, who is also deputy petroleum minister in petrochemical affairs, said the store houses are no longer filled with produced items, and petrochemical plants are productive unless they are being repaired.
She said this calendar year, which began on March 20, will be a good year for the industry given the fact that 10 new petrochemical projects will come online during the year.
Shahdaei said two or three petrochemical plants like Shiraz urea and ammonia plant are ready to become operational in Asslouyeh.
"Pardis Petrochemical Plant will come on-stream in the near future as Kurdistan Petrochemical Plant will become operational by late September," she added.
