• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 2 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 42 mins California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 4 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 2 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 2 days Nord Stream - US/German consultations
  • 4 days An Indian Opinion on What is Going on in China
  • 408 days Class Act: Bet You've Never Seen A President Do This.
  • 4 days Can Technology Keep Coal Plants Alive and Well?
  • 5 days Succession Planning in Human Resources for Vaccinated Individuals in the Oil & Gas Industry
  • 2 days Australia sues Neoen for lack of power from its Tesla battery
  • 1 day Forecasts for Natural Gas
  • 4 days Storage of gas cylinders
Australia Is Making The Most Out Of The Coal Boom

Australia Is Making The Most Out Of The Coal Boom

The recent energy shortage in…

Lebanon’s Fuel Crisis Could Spark Civil War

Lebanon’s Fuel Crisis Could Spark Civil War

Lebanon’s energy crisis is spiraling…

Iran Looks To Attract $145 Billion In Oil Investment

Iran is drafting plans to attract as much $145 billion domestic and foreign investments in its oil industry over the next eight years, Iranian Oil Minister Javad Owji said on Tuesday. 

“We plan to invest $145 billion in the development of the upstream and downstream oil industry over the next four to eight years, hence I welcome the presence of domestic and foreign investors in the industry,” Owji, the new oil minister, said during a meeting with executives from China’s oil giant Sinopec, as carried by the Iranian oil ministry’s news service Shana.

Iran is also working to boost cooperation with Chinese companies, the minister added.

Earlier this month, Owji met with a top official from the China National Petroleum Corporation (CNPC) in Tehran to discuss cooperation and expansion of bilateral relations.

The new Iranian president and administration continue to work on close ties with China, which were forged during the previous administration.

China is Iran’s biggest trade partner and one of the very few countries still importing some crude oil from Iran despite the U.S. sanctions against the Islamic Republic’s oil exports and oil industry.

China has always said it opposes the “unilateral” U.S. sanctions against oil producers and continues to buy crude, especially from Iran. Iran’s oil sales to China remain the key remaining revenue stream for the Islamic Republic. China is Iran’s top crude oil customer and actually the only customer that currently dares skirt existing American sanctions on Iranian oil exports.

Iran is now looking to increase oil production from all of the fields in its massive West Karoun cluster, potentially adding 1 million barrels per day (bpd) to its output.

In July, the Islamic Republic also officially opened its new oil export terminal—the Jask Oil Terminal on the Sea of Oman outside the Strait of Hormuz—built to allow Iran to ship crude oil without the need for tankers traveling through the world’s most strategic oil chokepoint.   

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News