World Business and Economic Analysis
World Business and Economic Analysis
Petroleum Minister Bijan Zangeneh said here on Monday that the cabinet members are scheduled to approve of new models of oil contracts in the next two days.
Zangeneh made the remarks on the sidelines of a ceremony on the occasion of the 50th anniversary of foundation of National Iranian Gas Company (NIGC).
Once the contracts are ratified, he said, the executive phases of the contracts would be finalized.
Petroleum minister reiterated that in the first round of the international oil project tenders, several plans would not be announced and they would be introduced gradually.
President Hassan Rouhani took part Monday in a ceremony on the occasion of the 50th anniversary of foundation of NIGC.
National Iranian Gas Company was established in 1965.
Today's session was aimed at presenting the capabilities of gas industry in the international and national arenas and the important role it has played in national economy. The role of gas in improving the environment and lifestyle in Iran during the past 50 years was also examined.
Iran and Britain signed a memorandum of understanding (MoU) on cooperation in the field of renewable energies.
The MoU was signed between the Renewable Energy Organization of Iran and Britain's Solar Energy Companies Consortium in London on Saturday.
On the basis of the MoU, the British consortium will supply electricity to Iran and some other regional countries by means of utilizing solar energy through sharing solar technology and providing financial assistance.
In a relevant development on Thursday, Iranian Energy Minister Hamid Chitchian announced his country's readiness for investment by the UK firms.
"Iran is ready to accept investment by British companies in the field of water industry and management," Chitchian said in a meeting with a group of British industrialists and businessmen in London.
He said that Iran needs at least $12 billion of investment in its water and wastewater management sectors in the next five years.
An Iranian official has announced that exports volume of Iranian Liquefied Petroleum Gas (LPG) hit 80 thousand tons in the first two months of the current Iranian year (began March 20).
Amir Vakilzadeh, Director of the Exports and Imports Office at National Iranian Oil Products Distribution Company (NIOPDC), stressed that “in the current year, no amount of liquid gas has been burned by domestic refineries.”
“All produced LPG inside the country has been deployed to foreign markets in the present year,” underscored the official adding “overall, more than 80 thousand tons of Iranian LPG were shipped to foreign countries in the first two months of the current year spanning from March 20 to May 20.”
Vakilzadeh pointed out that LPG exports are being undertaken via surface to neighboring countries as well as the sea to African countries by exploiting ISO tanks; “LPG exports volume reached 127 thousand tons in the previous year while more than 80 thousand tons have been exported only in the first two months of the current year.”
African countries like Kenya, South Africa and Tanzania have been purchasing Iran’s LPG over the past two years in the form of ISO tank container shipments.
CEO of the Iranian Gas Commercial Company (IGCC) Mohammad Ali Barati has recently maintained that gas exports volume will climb by 5000 tons following the implementation of new South Pars developmental phases; “Middle Eastern countries form the largest market for Iran’s LPG.”
