Oil & Gas

Iran’s South Pars Oil Output Surpasses 1m Barrels (Financial tribune – 15 May 2017)

Production from the oil layer of South Pars, the giant gas field shared between Iran and Qatar in the Persian Gulf, has exceeded 1 million barrels in less than two months, managing director of Petroiran Development Company (PEDCO) said Saturday.

“The second crude oil cargo from the field is expected to be shipped out by the end of May,” Roham Qasemi was quoted as saying by Shana.

Regarding export of the first crude consignment from the oil layer earlier this month, Qasemi noted, “The extraction operation via an advanced $300-million floating production, storage and offloading (FPSO) vessel, the FPSO Cyrus, started in April and since then 22,000 barrels per day have been drawn on average.”

 

Beik Alizadeh appointed Iran’s new OPEC envoy (Tehran Times – 15 May 2017)

 Behrouz Beik Alizadeh was appointed as Iran’s new representative at the Organization of the Petroleum Exporting Countries (OPEC), Shana reported on Sunday.

Iran’s Oil Minister Bijan Namdar Zanganeh appointed Beik Alizadeh to the post, replacing Mehdi Asali, who retired last June when Beik Alizadeh was appointed as the acting representative of Iran in OPEC.

 

Iran in talks with Europe on gas export (Tehran Times – 15 May 2017)

National Iranian Gas Company (NIGC)’s Managing Director Hamidreza Araqi said Iran is in talks with European countries to export gas to Europe, ISNA reported on Saturday.

The official noted that sending Iranian gas to Europe is possible both through pipeline and in the form of liquefied natural gas (LNG).
“Various European companies expressed willingness in this regard but reaching a final deal generally takes near five years,” he added.

 

Economy

Car production up 20% in a month (Tehran Times – 15 May 2017)

Iran manufactured 1.3 million of cars in the past calendar year (ended on March 20, 2017) and targets to push the figure up to 1.5 million cars by the end of this year, Mehr news agency reported on April 7, quoting Deputy Industry Minister Mansour Moazzami.

Producing more than one million of automobiles in 2016, Iran could rank first among the world countries regarding the growth in its car production, according to the report released by Organisation Internationale des Constructeurs d’Automobiles, commonly abbreviated OICA, (translated in English as the International Organization of Motor Vehicle Manufacturers) in early March 2017.

Iran managed to manufacture 1,164,710 automobiles in the said time, registering an 18.6 percent increase in number compared to the previous year, the report said. The growth percentage puts the country at the top of car manufacturers in 2016.

From the said 1,164,710 manufactured automobiles in Iran, 1,074,000 ones belong to the cars and 90,710 ones goes to the commercial vehicles.

 

Iran’s annual saffron exports up 60% yr/yr (Tehran Times – 15 May 2017)

Iran’s weight of saffron exports during the last Iranian calendar year (March 2016-March 2017) rose 60 percent compared to that of the previous year, according to Gholamreza Miri, the vice chairman of National Iranian Saffron Council.

The official put the weight of the country’s exported saffron at 176 tons in last year while the figure stood at 113 tons in its previous year.
The country exported $253 million worth of saffron during the mentioned time, Mehr news reported on Sunday quoting Miri as saying.

 

Significant Rise in Iran’s Main Exports to EU (Financial tribune – 15 May 2017)

he export of Iran’s five main commodities shipped to the European Union has seen a significant increase in value in the last Iranian year (ended March 20, 2017), compared with the average annual export value of those same products between the fiscal 2011-12 and 2015-16.

“The five years precede the implementation of the nuclear deal, also known as Joint Comprehensive Plan of Action, in January 2016,” Mir-Hadi Seyyedi, an official with the Trade Promotion Organization of Iran, also told IRNA.

Hot-rolled non-alloy iron and steel topped the list of Iran’s exports to the EU last year, from which Iran earned around $66 million, registering a 58% rise compared with the average annual export value during the five years preceding the JCPOA.