Iran and Turkmenistan ink gas swap deal

20/10/2016 11:44 Natural Gas


Iran and Turkmenistan have inked a gas swap deal, under which Iran takes 3 million cubic meters/ d from Turkmenistan on its northeast border and will supply the same amount to Azerbaijan from its own reserves at the other side of the country.

The swap fee will be paid by cash, stated Hamidreza Araqi, the director of National Iranian Gas Company. Iran and Azerbaijan swap about 350mn m³/yr of gas. Iran clears 15% of Azerbaijani gas amount as fee and delivers the remainder to the Nakhchivan Autonomous Republic, which borders Iran. Over the past 11 years in the time span between 2015 to 2013, Iran swapped more than two billion cubic meters of Azerbaijani gas to Nakhchivan. Last year, Iran imported 9 billion cubic meters of gas from Turkmenistan, but is trying to limit imports.

Daily (14.10.2019): Brent crude climbed by over 2.4% on Friday, following an Iranian tanker explosion in the Red Sea

14/10/2019 11:48:00

Crude oil prices soared on Friday, bolstered by rising tensions in the Middle East following a missile attack on an Iranian tanker. Hence, Brent crude traded 2.4% up at $60.51, while WTI futures rose by 2.2% to $54.70 a barrel.


Repsol sets up renewables unit

11/10/2019 16:01:00

Spanish oil business Repsol has established a renewable energy subsidiary, Repsol Renovables and plans to have 4.5 GW of clean energy generation capacity in 2025. And the fossil fuel giant claims it already has a clean energy pipeline in place sufficient to hit 90% of that ambition.


Chongqing gas mine plans to build 10 billion square gas field

11/10/2019 15:58:00

Chongqing Daily reporter learned that the gas mine is speeding up the shale gas business and tapping the potential of the old area, and plans to stop the decline and pick up natural gas production by 2020, with natural gas production exceeding 5 billion square meters by 2025 and 8 billion square meters by 2035 and striving to reach 10 billion square meters.