Annual export of polymer products exceeds $4.5b

TEHRAN – Iran exported over $4.6 billion worth of polymer products in the previous Iranian calendar year (ended on March 19), the head of Iran National Plastic and Polymer Industries Association (INPIA) said.

56th Meeting of the Joint Ministerial Monitoring Committee

SHANA (Tehran) - The Joint Ministerial Monitoring Committee (JMMC) of OPEC+ held a meeting on 2 October and reviewed the current market situation. JMMC also issued a statement at the end of the meeting which is as follows:

Hydrogen, green and clean energy

As the world gets closer to the 28th Conference of Parties (COP) to be held in the United Arab Emirates, competition amongst renewables in order to stay ahead of the curve intensifies. However, according to latest data and statistics released by International Energy Agency (IEA) on April 2023, energy from hydrogen is ahead compared to all other sources of energy in, as long as the rate of new investments is concerned. Though green hydrogen is still behind solar and wind in absolute term. According to the above-mentioned IEA report, total renewables accounted for 11 percent of total global energy consumption in 2022. Among these renewables: solar, wind, hydroelectric and geothermal energies, hydrogen stood last.

Transition to New Order in Oil Market?

TEHRAN (Shana) -- The Iranian Petroleum Ministry’s Directorate of OPEC and Int’l Energy Fora has analyzed the oil market to conclude that last year’s developments gave rise to a new tug-of-war, which will soon result in a new balance of forces. In the new order envisaged for the oil market, Western governments will see their monopoly decline on the oil market which would turn into a regional market with a lower level of integration. However, the trans-Atlantic energy market between North America and Europe is projected to show further integration.

2022 Oil Market Review and 2023 Forecast

TEHRAN (Shana) -- As the international oil market warms up for 2023 let’s take a look at major events that had immense impact on the world oil markets in 2022. The global energy market was just done with Pandemic that hit demand in early 2020 jeopardizing the supply chain most severely. Producing countries need to be praised and acknowledged for the wonderful job of adjusting skillfully with the demand destruction leading to a swift balance in the market. However, early in 2022 the international oil and energy market was confronted with a severe blow when the Russian conflict with Ukraine broke out on 24 February 2022.

Iran, China Forming Mutual Dependence: Expert

TEHRAN (Shana) -- The head of the Institute of International Energy Studies (IIES) stated that the relations between Iran and China are getting stronger, and said: “The Chinese have always maintained their relationship with our country despite the imposition of sanctions against Iran.”

We Will Get Through Cold Season with Minimum Challenges

SHANA (Tehran) – Minister of Petroleum Mohsen Paknejad says that the energy imbalance is not something that has been created within one or two years.

Iran and Tajikistan Underline Boosting Energy Cooperation

SHANA (Tehran) - Iranian capable companies are ready to enter the Central Asian oil industry’s upstream and downstream activities.

A New Refinery to Open in Upcoming Days

Oil Minister reports about opening a new refinery in the coming days, which is capable of producing 21,000 barrels of petro-products per day.

$Iran becomes world\'s 11th top fertilizer exporter$

Iran becomes world's 11th top fertilizer exporter

Based on the latest data released by International Fertilizer Association (IFA), Iran has exported $1.8 billion worth of chemical fertilizers in the 2021-2022 crop year to become the world’s 11th biggest chemical fertilizer exporter, IRIB reported.

NIDC improves infrastructure in line with Oil Ministry plans

The head of the National Iranian Drilling Company (NIDC) has declared the company’s infrastructure improvement in line with the programs of the Oil Ministry as the most important achievement of NIDC in the current Iranian calendar year (ends on March 20), Shana reported.

18 Processing Units at Abadan Refinery

Being the first oil refinery in the Middle East set up more than 110 years ago, Abadan oil refinery is considered one of Iran’s refining hubs, but due to the dilapidation of some of its units, its renovation and updating using modern technology is inevitable. For this purpose, replacement and renovation of the refinery was carried out in two stages, the first stage with the construction of a new refining complex of 150,000 b/d as phase 1 in 2005 and the second stage with the construction of a new refining complex with a capacity of 210,000 b/d under the title of Abadan Refinery Capacity Development and Stabilization Plan as Phase 2 started in July 2017 and the first part of it was put into operation in December. Therefore, the final capacity of the refinery was stabilized at 360,000 b/d.

Will 2023 See Oil Market Prosper?

With the beginning of 2023, the developments of the oil market in 2022 and the perspective of the New Year have been reviewed. The idea is to examine the factors affecting the market. It must be acknowledged that 2022 experienced ups and downs in the oil market and profound changes have taken place in this market. These developments have caused the 2023 Outlook to have many uncertainties, and as a result, many reputable institutions have doubts in their forecasts, and most institutions are waiting for market stability.

PSEEZ Accounting for 1/3 of Iran Hard Currency Generation

The CEO of the Pars Special Economic Energy Zone (PSEEZ) stated that more than one-third of the country's hard currency income is provided by the Zone, and said: “More than $11 billion was exported from this region in the first 10 months of the current Iranian calendar year which began on March 21, which has increased by about 50% compared to the same period last year.

Showcase of Newly-Built Oil Items Kicks off

The exhibition of knowledge-based equipment and oil industry items built domestically for the first time was inaugurated in the presence of the chairman of the board of directors of the Oil Industry Pension Funds.

Total items: 517 in 35 pages