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2014-03-27 08:08:00

DOUBLE OIL

DOUBLE  OIL

PRESSTV. Official data show that South Korea more than doubled its crude oil imports from the Islamic Republic of Iran in February year-on-year.

Citing data from state-run Korea National Oil Corp (KNOC), the Platts weekly reported on Tuesday that South Korea's crude imports from Iran stood at 8 million 140 thousand barrels or roughly 290 thousand barrels per day (bpd) in February, up from around 4 million barrels in the same period last year.

According to the report, the volume of South Korea's February oil imports from the Islamic Republic increased more than four times from around 2 million barrels in January.

Earlier this month, South Korea made a first payment of USD 550 million to Iran for oil imports following partial relief in sanctions against the country in line with a nuclear deal inked between Tehran and the P5+1 group – Russia, China, France, Britain, the US and Germany – in Geneva, Switzerland, in November 2013.

Under the interim deal, the six countries agreed to ease some of the existing sanctions against the Islamic Republic in exchange for Iran agreeing to limit certain aspects of its nuclear activities during a six-month period.

World oil giants, including Royal Dutch Shell, British Petroleum (BP), Malaysia's Petronas, Spain's Repsol, Russia's second largest oil producer Lukoil, France's Total and Italy's Eni, have shown interest in returning to Iran following the partial sanctions relief.

Tags: IRAN, OIL, KOREA

Chronicle:

DOUBLE  OIL
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

DOUBLE  OIL
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

DOUBLE  OIL
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

DOUBLE  OIL
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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