IRAN & INDONESIA AGREEMENT
AOG wrote, Indonesia's Pertamina has signed a deal with Petrochemical Commercial Company (PCC) of Iran for the import of refined petroleum and petrochemical products.
Under the agreement, Pertamina will directly import Liquefied Petroleum Gas (LPG), polymers, gas condensate and bitumen from PCC, while PCC will buy aromatics from the Indonesian state run firm.
An executive team comprising representatives from both companies will be formed to help implement the agreement. They will also be tasked with drafting a plan to expand commercial activities between the two firms.
Speaking during the signing ceremony, PCC's managing director Mehdi Sharifi Niknafas, said the company is seeking to "reinvigorate its commercial activities worldwide."
Pertamina said in June it expects to sign an agreement with the National Iranian Oil Company to evaluate investment in two oil and gas blocks, eventually ship the crude produced at the site for processing at Indonesian refineries.
The company would also be looking to develop and manage the field, which, if successful, would be Indonesia's first investment in Iran's upstream sector.
In May, Pertamina inked an agreement to purchase 600,000 tonnes of liquefied petroleum gas (LPG) from Iran.
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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.