Russia ready to invest $50 billion in Iran’s oil & gas projects

16/07/2018 09:20 Oil Market

news

A Russian major oil company is to sign a $4 billion deal with Iranian Oil Ministry and related project will be started soon, Velayati said. 2 other main companies of Russia namely Rosneft and Gazprom Neft have also started negotiations with the Oil Ministry and the value of their deals with Iran can rise up to $10 billion, he added.

«As Vladimir Putin said Russia is willing to expand oil and gas ties with Iran», Velayati further noted and added, «$50 billion is a high figure for investment making; in this way Russian companies can take the place of those European ones that left Iran.»

 

The sum is significant and Russia can replace Western companies, which have to leave Iran due to the US sanctions, Velayati’s trip, officially billed as one to deliver Khamenei’s and Rouhani’s messages to Putin, sends a signal as to which direction Tehran will look once US sanctions are enacted and European firms begin to pull out. The top story in Kayhan newspaper, whose editor is appointed by Khamenei, was headlined «A smack in the mouth in Tehran’s special mission to Moscow and Beijing.»

 

The article wrote that Velayati’s trip «signaled the internal coordination to change the economic direction toward the East.»

 

Separately, Russia’s Energy Minister Alexander Novak said on July 13, that Russia was studying all legal implications for a possible deal with Iran under which Moscow would provide goods to Tehran in exchange for oil. Such a deal is still possible, Novak said.

Source: neftegaz.ru

Daily (27.10.2020): Brent and WTI crude settled at 3-week lows on Monday amid surging coronavirus cases worldwide

27/10/2020 09:27:00

Crude oil futures fell on Monday in response to surging coronavirus cases in the US and Europe, where several countries have already implemented new restrictions, raising concerns about the impact of the pandemic on oil demand. Extra pressure on oil prices comes from increasing Libyan crude oil production and exports after the country recently lifted the force majeure. Hence, Brent crude shed by $1.31, or 3.1%, to settle at $40.46 a barrel. U.S. WTI crude dropped by $1.29, or 3.2%, to close at $38.56 a barrel. Both, WTI and Brent crude marked their lowest settlements since Oct. 2.

<READ MORE

Germany awards 769 MW onshore wind in latest tender, highest since 2017

27/10/2020 08:58:00

Germany's latest onshore wind auction was only marginally undersubscribed with 769 MW awarded of 825 MW offered, the highest volume in almost three years, grid regulator BNetzA said Oct. 26.

READ MORE

Lower prices drive Asia's demand for LNG as ship fuel

27/10/2020 08:53:00

Globally, LNG is expected to account for 10 per cent of overall marine fuel mix by 2030, up from less than 0.1 per cent last year, he added

READ MORE