GAZPROM'S PRECIOUS EXPERIENCE
Tehran, Dec 24, IRNA – Deputy Chairman of the Russian energy firm Gazprom Alexander Medvedev said Iran's newly-introduced oil and gas contract models (IPC) have contributed to his country's developing a new vision about the Islamic Republic's contracts.
"Neighborhood of Iran and Russia considering their hold on strategic gas resources as well as determination of the two countries' political leadership are significant reasons which can create appropriate opportunities in their bilateral relations," he said at a meeting here with Managing Director of the National Iranian Gas Company (NIGC) Hamid-Reza Araqi.
"Gazprom has useful and precious experience in various fields of the gas industry and can provide them to the NIGC," Shana quoted him saying.
"We are interested in turning the initial agreements to a memorandum of understanding which can be signed next year," Medvedev added.
"It is evident that the world needs gas and that Iran and Russia can use such a rich capacity to pursue their joint objectives in this field," NIGC managing director said following the meeting.
"NIGC has considerable experience, for example, in construction of gas pipelines, storage facilities, and gas refineries and can cooperate with Gazprom in these areas," he said.
The two delegations were planned to negotiate implementation of agreements reached on joint engineering, operation, commercial, and research projects, said NIGC director of international relations, Azizollah Ramezani.
"NIGC and Gazprom will hold several rounds of talks to review cooperation areas under five committees," he said prior to the first round of meetings with the 25-member Russian delegation.
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REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.