IRAN NEEDS $200 BLN
Minister of Petroleum Bijan Zangeneh said that Iran's oil industry's upstream and downstream sectors require investments upto 200 billion dollars stressing that foreign resources should be attracted because domestic resources are not sufficient to provide for the investment.
"To develop the joint fields and enhance recovery of oil reservoirs as well as secure development targets, we need investment totaling 200 billion dollars," he told reporters on Tuesday in a press conference to mark the 37th anniversary of the victory of Islamic Revolution in Iran.
"The new oil contract models were devised with the objective of materializing this target by signing of new contracts," he added.
He divided the required investment in the upstream sector of the oil industry to 130 billion dollars and for the downstream sector including in the petrochemical, renovation and construction of new refineries at 70 billion dollars.
"To develop our oil industry, our domestic resources are not sufficient," Zangeneh said, "Therefore, we have to think to provide it through foreign resources and be after acquiring of technology."
The minister also said that the 1979 Islamic Revolution was a divine grace when nobody could imagine that Iran can be an independent nation that can decide on its fate.
|December, 15, 13:20:00|
|December, 15, 13:15:00|
|December, 15, 13:10:00|
|December, 15, 13:05:00|
|December, 15, 13:00:00|
|December, 15, 12:55:00|
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.