Здравствуйте. Вся информация этого сайта бесплатна. Вы можете сделать пожертвование и поддержать наше развитие. Спасибо.

Hello. All information of this site is free of charge. You can make a donation and support our development. Thank you.

2015-12-04 21:50:00

IRAN & CHINA OIL CONTRACTS

IRAN & CHINA OIL CONTRACTS

Iran is taking steps to ramp up oil exports ahead of an end to U.S.-led sanctions, extending crude contracts with its top two Chinese buyers into 2016 and starting talks with other potential buyers there, sources involved in the talks said.

Previously OPEC's No.2 exporter, Iran is keen to recoup oil market share lost during U.S. and European Union sanctions over its nuclear program and is aiming to boost oil output by 500,000 barrels per day (bpd) - equal to about 50 percent of current exports - in early 2016.

Sinopec Corp (0386.HK), Asia's largest refiner, and Chinese state trader Zhuhai Zhenrong Corp will together lift around 505,000 barrels per day (bpd) of crude from Iran in 2016, the same as this year when they took roughly half of the Islamic Republic's total exports, the sources said.

China bought 536,500 bpd of Iranian crude oil in the 10 months to end-October, down 1.9 percent on a year ago as a third regular client, independent Dragon Aromatics, halted purchases for safety checks after a fire in April.

Anticipating an end to sanctions at the start of 2016, Tehran last week offered about 50 oil and gas projects to be developed by foreign investors, and over the weekend unveiled much-awaited revisions to its contract aimed at luring back investors.

Any increase in Iranian exports will be politically sensitive as it threatens oil revenues of other major exporters such as Saudi Arabia and Russia, but the tone of recent comments from Washington and Europe points to a lightening in trade restrictions early in 2016.

SEEKING NEW BUYERS

Iranian oil officials have met in the last two months with traders at PetroChina (0857.HK), the country's second-largest state refiner, and state-run CNOOC, which runs a petrochemical complex with Royal Dutch Shell (RDSa.L), three sources involved in the talks said. 

China's state-owned energy companies have been reticent to boost contractual volumes or sign up new term deals under the sanctions because of fears about the international repercussions.

But they are becoming less fearful of the political fallout as the prospect of the ban being lifted draws near.

"[The] companies are waiting for firmer news on the lifting of sanctions before making any commitments," said one trading executive.

A Zhuhai Zhenrong spokeswoman confirmed the 2016 agreement with Iran. Sinopec declined to comment. The National Iranian Oil Company did not immediately respond to requests for comment.

PetroChina's parent company CNPC started pumping oil at Iran's North Azadegan field around October with estimated flow of 75,000 bpd. An easing of sanctions could allow the company to start lifting its share of production, company sources said.

Under the main China contracts renewed for 2016, Zhuhai Zhenrong Corp is expected to lift an average of 240,000 bpd and Sinopec 265,000 bpd, the sources said. The Sinopec agreement was primarily for crude and a small portion of condensate.

Iran was China's No.6 crude supplier in 2015, but faces competition from rivals like Saudi Arabia and Iraq. Iranian oil is more expensive than similar grades from other Middle Eastern suppliers due to its lower sulfur content and slightly higher yield of gasoline, said a senior trader with CNOOC.

With no clear timeline for a restart at petrochemicals producer Dragon Aromatics, one of Tehran's key condensate buyers, after its April fire, Iran hoped new buyers in South Korea, Japan as well as in China would pick up the slack, traders said.

The CNOOC-Shell petrochemical plant in southeastern Guangdong province could also be a replacement buyer for condensate, they said. The plant was forced to drop a regular supply pact in mid-2012 when the European Union put an embargo on trading Iranian oil.

reuters.com

-----

More: 

$30 BLN FOR IRAN 

50 IRAN'S OIL&GAS PROJECTS 

GECF CAN COOPERATE 

ИРАН И РОССИЯ - СТРАТЕГИЧЕСКИЕ ПАРТНЕРЫ 

IRANIAN OIL WILL UP

 

 

 

 

Tags: IRAN, CHINA, OIL

Chronicle:

IRAN & CHINA OIL CONTRACTS
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.

IRAN & CHINA OIL CONTRACTS
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.

IRAN & CHINA OIL CONTRACTS
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.

IRAN & CHINA OIL CONTRACTS
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.

All Publications »