Iran's Oil Tanker Fleet Being Squeezed as Sanctions Bite
Iran is running short of options to replace its ageing fleet of tankers and keep oil exports flowing because renewed U.S. sanctions are making potential sellers and flag registries wary of doing business with Tehran, Western and Iranian sources said.Since U.S. President Donald Trump reimposed sanctions in November…
Iran to Build Crude Oil Storage Facility at Gulf of Oman Port
A unit of the National Iranian Oil Co. (NIOC) signed a deal with a local firm on Sunday to build a crude oil storage facility near Iran's southeastern port of Jask with an initial investment of 200 million euros ($232 million), the oil ministry news website SHANA reported.State…
Iran Floats Surplus Oil as Demand Falls Ahead of US Sanctions
Two tankers carrying Iranian condensate, a type of ultra-light oil, have been floating off the United Arab Emirates for about a month as demand for the oil fell ahead of U.S. sanctions.The tankers, carrying about 2.4 million barrels of South Pars condensate combined, have…
India BPCL Seeks Extra Iran Oil Amid Sanctions Threat
Indian state refiner Bharat Petroleum Corp has requested an extra one million barrels of oil from the National Iranian Oil Co. (NIOC) for June, two industry sources said, amid a looming threat of stringent U.S. sanctions.The move by BPCL indicates that refiners will try to frontload their purchases from Iran ahead of a November U.S.
Total Will Lose Entire Investment if it Pulls Out of South Pars
France's Total will lose all of its investment if it pulls out of a deal with Iran to develop South Pars, the world's largest gas field, the Iranian oil minister said on Tuesday. "If Total, without the enforcement of Security Council sanctions, announces that it has the intention to leave the contract…
India to Cut Iranian Oil Purchases in Row Over Gas Field
Indian state refiners will cut oil imports from Iran in 2017/18 by a fifth, as New Delhi takes a more assertive stance over an impasse on a giant gas field that it wants awarded to an Indian consortium, sources familiar with the matter said. India, Iran's biggest oil buyer after China…
Despite Sanctions Relief, Shell Still Cool on Iranian Oil Buys
Royal Dutch Shell has bought only three cargoes of Iranian oil since sanctions were eased a year ago, a small fraction of what it used to buy and an indication of the legal difficulties and high prices that still hamper the trade. The Anglo-Dutch firm did not give a reason for the drop in purchases…
Vitol Wins $1 bln Pre-Finance Deal with Iran
First big pre-finance since lifting of sanctions; Deal is mainly for refined products. LONDON/DUBAI, Jan 4 (Reuters) - The world's largest oil trader, Vitol, has clinched a deal with the National Iranian Oil Co. (NIOC) to loan it an equivalent of $1 billion in euros guaranteed by future exports of refined products…
Iran Oil Exports, Fueled by Condensate, at Pre-Sanctions High
Crude, condensate sales to hit 2.8 mln bpd in September. Iran's total crude oil and condensate sales likely reached around 2.8 million barrels per day in September, two sources with knowledge of the matter said, nearly matching a 2011 peak in shipments before sanctions were imposed on the OPEC producer.
India Essar Eyes Sale of Gujarat Refinery
Essar Group is exploring the sale of its 405,000 barrel-per-day oil refinery in the western state of Gujarat, as the Indian conglomerate seeks funds to reduce its debt, two sources familiar with the matter said. Essar, which is controlled by the billionaire Ruia brothers and has assets in the oil and gas…
India Starts Settling Iran Oil Dues via EIH
Indian refiners have turned to State Bank of India and Germany-based bank Europaeisch-Iranische Handelsbank AG (EIH) to speed payment of billions of Iranian oil dues they still owe to Tehran, after delays in another money route. Refiners in India, Iran's top oil buyer after China…
Indian Oil Debt to Iran to be Soon Cleared
Indian refiners owe around 6 billion euros; Iran expects funds to be cleared soon. Indian oil refiners will clear around 6 billion euros ($6.7 billion) of outstanding debt to Iran through Turkey's Halkbank soon, a senior Iranian economy official said on Wednesday. India…
Iran's May Oil Exports set to Soar
Loadings at 2.3 mln bpd in April, 2.1 mln bpd in May. Oil exports to Europe at about half of pre-sanctions level. Iran's oil exports are set to surge in May, climbing nearly 60 percent from a year ago, with European shipments recovering to about half of pre-sanction levels…
Dana Gas: No Gas Import Deal with Iran
The United Arab Emirates' Dana Gas has not been able to reach an acceptable deal with Iran on natural gas imports into the UAE, and an arbitration process will continue, chief executive Patrick Allman-Ward said on Tuesday. However, Dana and its affiliate Crescent Petroleum are still open to further discussions with Iran…
Iran Hopes to Raise March Oil Exports
Iran, OPEC's No. 3 producer, is expected to raise its oil exports in March to around 1.65 million barrels per day from 1.5 million bpd a month earlier on the back of higher crude shipments to Europe, two industry sources told Reuters on Thursday. State-run National Iranian Oil Co.
Reliance to Lift Iran Oil after 5-yr Hiatus
India's Reliance Industries Ltd, owner of the world's biggest refining complex, is preparing to lift oil from Iran next month after a gap of about five years, said an industry source with knowledge of talks between the two. The Indian conglomerate, controlled by billionaire Mukesh Ambani…
Foreign Oil Firms to Settle Iran's Debt in Euros
Iran's oil minister said foreign oil companies that owe his country billions of dollars are likely to settle their debts in euros. Greece's Hellenic Petroleum, Italy's Saras and Royal Dutch Shell owe Iran about $4 billion which will be paid back in euros, Iranian Oil Minister…
Iran's crude oil sales to Europe Exceed 300,000 barrels
Iranian Oil Minister Bijan Zanganeh said on Saturday that Iran's crude oil sales to Europe after the lifting of international sanctions on Tehran had already reached above 300,000 barrels, according to the ministry's news agency. Iran's oil exports, which had peaked at more than 3 million barrels per day (bpd) in 2011…
Kuo Oil Looks to Lift Two Iranian Fuel Cargoes
U.S. lifts 2012 Iran sanctions against three trader companies; Kuo Oil seeks to load two Iranian fuel oil cargoes. Kuo Oil, a Singapore-based oil trading company, is seeking ships to load Iranian fuel oil, according to a shipping broker report, now that it is finally clear of U.S.
Iran Exporting via UAE Ahead of Sanctions Relief
Iran's fuel oil exports flow more easily. Iran has boosted exports of fuel oil through U.S.-ally the United Arab Emirates and also almost doubled its imports of gasoline, despite Western sanctions, trading sources said. The U.S. State Department recently cabled a message…
