World Business and Economic Analysis
World Business and Economic Analysis
Petropars managing director has announced the launch of negotiations with Anglo-Dutch Shell oil company over conducting Studies for investment in oil projects.
Managing Director of Petropars Company Mohammad Javad Shams pointed to the talks with foreign oil firms to make joint investments under the new generation of Iranian Petroleum Contracts (IPC) saying “so far, Petropars has held talks with several companies like Shell as well as a German-Italian company over joint venture in oil projects.”
The official underlined that the foreign parties are currently investigating the Iranian market; “an agreement has been inked with the Germans though negotiations with a separate company have not become operational over development of West Karun oilfields in the southern Khuzestan Province.”
Shams referred to the stable production at Phase 12 of South Pars field adding “implementation of the onshore section of South Pars Phase 19 as well as injection of sweet gas to the national grid all indicate capabilities of Iranian companies offering greater confidence to foreign companies for conducting projects in Iran’s oil industry.
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Iran’s oil minister said the development plan of phase II of North Azadegan and Yadavaran oilfields has been handed over to two Chinese companies under an initial contract.
Bijan Zanganeh made the announcement among reporters on Monday following his meeting with Deputy Head of National Energy Administration of China Zhang Yu Ging, in Tehran.
He added that Iran considers China as a strategic partner in the sectors of oil, gas and petrochemical cooperation, and that China is well aware of this fact.
He further said the MDP of phase II of North Azadegan and Yadavaran oilfields has been approved by Chinese contractor SINOPEC and China National Petroleum Corporation (CNPC) under an initial contract, adding “Iran is ready to hold multilateral negotiations with Chinese companies within its accepted framework.”
“The Master Development Plan of Yadavaran oilfield has progressed well, but discussions over North Azadegan oilfield are still ongoing,” he said.
Zanganeh maintained that the two sides have also conferred on the sales of crude oil and gas condensates, adding “although China is already importing over 600,000 barrels of crude oil from Iran, this volume can increase given the projects the Chinese companies are currently working on.”
According to the oil minister, gas flare, financial issues and financing Iran’s petrochemical industry were among other topics of discussion with the Chinese side.
“The contract of development of Abadan oil refinery signed with Chinese companies is worth 1.5 million euros,” said Zanganeh, adding “the contract has been recently activated and the rest of it must be financed by the Chinese side.”
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South Korea is determined to enhance the worth of trade with Iran to $30 billion, the Korean minister of land, infrastructure, and transport Kang Ho-in told reporters after a meeting with Iranian Energy Minister Hamid Chitchian in Tehran on Saturday.
South Korea is fond of expanding its energy and water ties with Iran and the country’s state-run as well as private companies desire to find a route to the Iranian domestic market, the Energy Ministry’s website quoted the South Korean minister as saying.
Also in a Sunday meeting with Iranian Oil Minister Bijan Namdar Zanganeh, the Korean official announced that his country is slated to sign a $20-billion-agreement with Iran during the South Korean President Park Geun-hye's visit to Tehran, the Shana news agency reported.
Highlighting the pivotal role that Iran can play as a bridge between Asia and Europe, the Korean senior official underlined that South Korea tries to seize Iran’s geographical location to improve bilateral relations.
Park arrived in the Iranian capital on Sunday. Accompanied by a large business delegation, she will explore avenues for further ties with the Islamic Republic during her three-day stay. It will be the first presidential visit to Iran since South Korea and Iran established diplomatic relations in 1962.
‘Iran’s crude oil, gas condensate exports to S. Korea up 300,000 bpd’
Iran currently exports 400,000 barrels per day (bpd) of oil and gas condensate to South Korea, a 300,000 bpd rise in the post-sanction era,” Zanganeh told reports after the meeting with the Korean minister.
Addressing the issue of the contract that will be penned with the South Korean energy minister simultaneous with President Park’s trip to Tehran, the Iranian oil minister clarified that Iran LNG project as well as the second stage of developing South Pars gas field’s phase 12, and the project of Bid Boland II Gas Refinery are among the favorites of South Koreans for future cooperation.
According to Zanganeh, Iran seeks selling oil to the eastern Asian country and tries to attract their investments in petrochemical sector and LNG projects. “Some negotiations have been conducted in this regard and conclusions have been made,” he added.
On April 26, the Korea Times reported that South Korea intends to more than double its imports of crude oil and natural gas condensate from Iran. Seoul’s bid is aimed at ramping up energy ties with Tehran, the report said.
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