Indonesia's Pertamina has signed a deal with Petrochemical Commercial Company (PCC) of Iran for the import of refined petroleum and petrochemical products.
Turkey wants to buy more natural gas from Iran and has discussed pricing issues, Foreign Minister Mevlut Cavusoglu said on Friday, adding that Ankara and Tehran should resolve a dispute on gas prices without arbitration.
As a result of the investment, Iraq's crude output should increase by 250,000-350,000 barrels per day next year, the Iraqi officials said. The country now produces about 4.6 million bpd, most of it from the southern region.
Saudi Arabia, the world’s largest crude exporter, told OPEC that it boosted oil output to a record 10.67 million barrels a day in July, two people with knowledge of the data said. Iran’s output is up to 3.85 million barrels a day, Fars news agency reported, citing Oil Minister Bijan Namdar Zanganeh.
The government hopes foreign companies will invest as much as $50 billion a year in Iran’s oil industry. Major European oil companies such as Italy’s Eni SpA and France’s Total SA have expressed an interest in developing Iran’s oil and gas fields.
The OPEC member pumped 4.632mn barrels of crude oil per day in July compared with 4.559mn bpd in June, state-run Oil Marketing Company (SOMO) said in a recent statement.
"Oil exports has risen to 2,500,000 barrels per day and children of the Iranian nation (officials) have been capable of moving the stopped wheels of oil production and regaining the past markets through increase in the production."
Indonesia is looking to increase imports of LPG, petrochemical products and crude oil from Iran in the near future. Earlier this year, Indonesia inked a deal to buy LPG from Iran.
Iran has already built 900 km length of the pipeline on its territory while Pakistan still has to start work on the pipeline. Once the pipeline is operational, about 250 million cubic feet gas would be imported from Iran during first year, while in the second year the import of gas would be enhanced to 500 million cubic feet while in the third year 750 million cubic feet gas would be imported.
During the visit, President Rouhani attended trilateral talks among Iran, Russia and Azerbaijan and conferred with his Russian and Azeri counterparts on expansion of trilateral cooperation in commerce, energy, telecommunications, environment, fight against terrorism, transportation and transit of goods.