Iran and Germany ink first petrochemical agreement after sanctions

04/08/2016 00:26 Oil Market


A first petrochemical cooperation agreement in the post sanctions era between Iran and Germany was inked by Iranian Kian Petrochemical and German Linde Group on Tuesday, as stated by the Islamic Republic News Agency (IRNA).

The accord on front-end engineering design, or basic engineering which came after the feasibility study in the Olefin division of Kian Petrochemical, was reached by senior directors of the two firms. The 12-month agreement was signed with financial credit of €34.9 million ($39 million). The Kian Petrochemical Company was founded in 2012 in a region of 78 hectares in the second phase of the Assalouyeh Special Petrochemical Zone, in south of Iran to put into effect the Olefin project. Shahdaie declared that Linde is appointed for one of the most important petrochemical projects in phase 2 of Assalouyeh. The Linde Group, a German producer of industrial gases and chemicals, was one of the companies which was obliged to leave Iran after nuclear-related sanctions strengthened after 2012.

Daily (05.12.2019): Oil prices skyrocketed about 4% on Wednesday ahead of the OPEC meeting

05/12/2019 10:41:00

Crude oil prices skyrocketed on Wednesday, buoyed by hopes of deeper production cuts from OPEC and its allies and following a larger-than-expected drop in U.S. stockpiles. Brent crude soared by 3.6% to settle at $63 a barrel. WTI crude gained 4.2%, closing at $58.43 a barrel. It was its third straight day of gains, and its best day since September.


France's EDF extends Cruas 2 nuclear reactor outage to Saturday

05/12/2019 09:13:00

French utility EDF on Wednesday extended the outage at its 900 MW Cruas 2 nuclear reactor by two days until Saturday, adding that resumption of power generation could be delayed by ongoing safety checks following an earthquake.


Total to supply LNG fuel to CMA CGM vessels for 10 years

05/12/2019 09:09:00

French energy major Total and compatriot shipping company CMA CGM have signed an agreement for the supply of approximately 270,000 tonnes of LNG per year over ten years.