Shell, BP openly declare Iran interest on potential nuclear deal

By JAVIER BLAS and ANGELINA RASCOUET on 6/3/2015

LONDON (Bloomberg) — European oil majors are for the first time openly declaring interest in Iran in anticipation of a possible end to sanctions against the country over its nuclear program.

Leaders of Royal Dutch Shell Plc, BP Plc and Total SA all said Wednesday they were ready to return to the nation with the world’s second-largest natural-gas reserves and fourth-biggest oil cache, after similar comments by Italy’s Eni SpA last month.

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Iran said to plan better terms to lure foreign oil groups back

By JAVIER BLAS and ANTHONY DIPAOLA on 6/2/2015

LONDON (Bloomberg) — Iran, seeking billions of dollars to revitalize its ailing oil industry, plans to offer significantly better commercial terms to companies prepared to invest than offered during the last market opening nearly two decades ago.

Foreign oil executives who have reviewed partial drafts of the new terms, called the Iranian Petroleum Contract, said they’re more generous than the types of deals used in the 1990s and 2000s. Unlike those contracts, which merely paid a set fee for the delivery of a project, the new agreements could give investors some share of a field’s production and allow companies to book more reserves on their balance sheet.

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U.S. sanctions energy traders, tightening the screws on Iran

By Serene Cheong and Elizabeth Low on 1/24/2020

SINGAPORE (Bloomberg) – The U.S. sanctioned four companies that it says have traded hundreds of millions of dollars worth of Iranian petroleum and petrochemicals in its latest effort to clamp down on the Islamic Republic’s revenue sources.

The Treasury Department penalized Triliance Petrochemical Co. Ltd., Sage Energy HK Limited, Peakview Industry Co. Limited, and Beneathco DMCC for dealings with the state-owned National Iranian Oil Co., it said in a Jan. 23 statement. The transactions helped finance Iran’s Islamic Revolutionary Guard Corps-Qods Force and its terrorist proxies, the department said.

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OPEC+ agrees to redistribute oil cuts under Saudi pressure

By Grant Smith, Annmarie Hordern, Laura Hurst and Nayla Razzouk on 12/6/2019

LONDON and VEINNA (Bloomberg) –OPEC+ will adjust its output target and redistribute production cuts between its members under pressure from Saudi Arabia, which has long carried an outsized share of the burden.

The group, which pumps more than half the world’s oil, agreed in Vienna on Friday to reduce its output target by 500,000 bopd, said delegates, bringing it in line with recent production levels. Saudi Energy Minister Prince Abdulaziz bin Salman gave a clear signal before the meeting that his priority was to get some members to stop cheating and implement the cuts they have promised.

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Iran’s Rouhani vows response to oil tanker attack

By Arsalan Shahla and Golnar Motevalli on 10/14/2019

LONDON (Bloomberg) – President Hassan Rouhani vowed Monday that Iran would respond to an attack on one of its oil tankers in the Red Sea, saying the evidence suggested it was the work of a government not a terrorist group.

Addressing reporters in his first news conference since the U.S. abandoned the 2015 nuclear deal last year, Rouhani said officials in Tehran had seen footage of the incident and it was likely that several rockets were aimed at the tanker. He stopped short of assigning blame, but the vessel was sailing near the Saudi port of Jeddah at the time of the attack.

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Iran says tanker hit by missiles in Red Sea near Saudi Arabia

By Arsalan Shahla, Golnar Motevalli and Yasna Haghdoost on 10/11/2019

DUBAI (Bloomberg) – Iran said missiles struck one of its tankers in the Red Sea, the latest in a series of attacks on oil infrastructure in the region that have roiled energy markets.

The Islamic Republic’s tanker company initially said the attacks probably came from Saudi Arabia, but later withdrew the claim. The incident, which caused a spill and a jump of as much as 2.6% in crude prices, comes weeks after a devastating attack on major Saudi oil facilities that Riyadh blamed on Tehran.

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CNPC quits flagship Iran gas project amid U.S. sanctions

By Arsalan Shahla and Verity Ratcliffe on 10/7/2019

TEHRAN (Bloomberg) – China National Petroleum Corp. is no longer a partner in Iran’s biggest natural gas project, and the Persian Gulf nation will develop Phase 11 of the giant South Pars field on its own, Oil Minister Bijan Namdar Zanganeh said.

CNPC was the only international partner left in the project, after Total SA of France withdrew last year when U.S. President Donald Trump abandoned the 2015 nuclear accord and reimposed sanctions on Iran. Phase 11 was the biggest infrastructure development project with major foreign participants that Iran arranged after the accord took effect.

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