IRAN READY TO FREEZE
Talking to IRNA, Deputy Minister of Petroleum Amir Hossein Zamaninia said the oil price range of 55-60 dollars per barrel is fair and suitable for bringing stability in the market.
Commenting on the recent OPEC summit held in Algeria, he expressed hope that the decisions made in the meeting could become operational in November and a proper balance could be created between the interests of oil producers and consumers.
Citing oil price range of 55-60 dollars per barrel as reasonable, Zamaninia anticipated that the mentioned price could be reached in 2017 in the international oil market.
In Sept 2016, Minister of Petroleum Bijan Zangeneh said Iran supports the role of OPEC in oil market, saying that some people have weakened OPEC and downgraded it just to an assembly in the past two years.
The minister said that OPEC should create sustainable income and maximize the income of its members, but the international body has lost its function in the past two years.
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LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.
BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.
REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.
ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.