2019-06-04 15:35:00
TURKEY WILL BUY IRAQ'S OIL
AAA - The State Oil Company of Azerbaijan Republic (SOCAR) is due to purchase crude oil from Iraq next month to process at the SOCAR Turkey Aegean Refinery (STAR) inaugurated in October 2018 in Izmir.
SOCAR Turkey CEO Zaur Gahramanov said the refineries that rely on Iranian crude oil might face future problems due to US sanctions, and that his firm doesn't wish to violate the sanctions by importing oil or exporting fuel to Tehran.
Turkish President Recep Tayyip Erdogan and Azerbaijani counterpart Ilham Aliyev recently inaugurated the refinery. It will have an annual crude processing capacity of ten million tons and 214,000 barrels per day.
The US decision to end exemptions to sanctions on Iranian oil imports became effective on May 2. Turkey abided by the decision despite its previous rejection.
Gahramanov remarked that 1.5 million tons of crude oil has been processed at the STAR Refinery so far, adding: "We plan to process 8 million tons of crude oil by the end of the year. As of next month, we will start buying Iraqi oil from the Arabian Gulf."
SOCAR Turkey will supply 700,000 tons of jet fuel to Istanbul Airport on an annual basis, Gahramanov said. He also spoke about distributing oil derivatives throughout the Turkish market starting July.
In other economic news, former central bank governor Durmus Yilmaz warned that the country is still in the midst of a recession, adding that the economy had contracted 2.6 percent on an annual basis.
"Despite government spending increasing 7.2 percent within the scope of our domestic demand-based growth model, the economy shrank 2.6 percent," he said on Twitter.
Turkey's political situation has been unstable since the results of the Istanbul mayoral race were canceled and the vote was set for a re-run on June 23.
-----
Earlier:
2019, May, 24, 10:05:00
TURKEY STOPPED IRAN'S OIL
"We are not getting any oil from Iran now," said the Turkey's official, who spoke on condition of anonymity. "We were one of the eight countries getting an exception from those sanctions, and now we are ready to abide by them," he said.
2019, May, 20, 11:25:00
IRAN'S OIL EXPORTS DOWN
Iran has sent abroad between 250,000 bpd and 500,000 bpd of oil so far in May, according to two industry sources who track the flows. Data from Refinitiv Eikon put crude shipments at about 250,000 bpd and exports of crude and condensate, a light oil, at about 400,000 bpd.
2019, May, 17, 07:25:00
IRAN'S GAS TO IRAQ UP
An Iranian official said the exports of natural gas to Iraq are growing steadily and are expected to hit 40 million cubic meters a day in summer.
Chronicle:
2022, June, 28, 11:44:00
6TH ANNUAL LNG SUMMIT USA
The 6th Edition of Wisdom’s Much Acclaimed Annual LNG Summit Will Be Held Live in Houston - PREPARING THE INDUSTRY FOR THE RISE IN DEMAND FOR LNG
2022, June, 28, 11:43:00
9TH INTERNATIONAL LNG CONGRESS LNGCON 2023
9th International LNG Congress (LNGCON 2023) 6-7 March, 2023
Link to the Congress website: https://bit.ly/3tXVmr7
2022, June, 28, 11:40:00
S.KOREAN NUCLEAR SUPPORT
South Korea’s new president, Yoon Suk-yeol, said on 22 June that in order to rebuild the nuclear industry that was “devastated by the previous administration”, the government will allocate KRW92.5 billion ($70 million) from the energy budget for the restoration of nuclear power generation capacity.
2022, June, 28, 11:35:00
U.S. SMR FOR ROMANIA
Romanian company Nuclearelectrica and NuScale will cooperate with the US Trade and Development Agency (USTDA) on a series of engineering and design activities and studies, as well further technical analyses of the Doicești site, a former thermal power plant site which has been identified as a potential location for the SMR plant.
2022, June, 28, 11:30:00
U.S. SOLAR POWER 25%
US Energy Information Administration reports a capacity factor of 25% for solar generation.
2022, June, 28, 11:25:00
AUSTRALIAN SMART ENERGY
As energy is of national importance, a national policy, national rules and regulations are necessary. At the same time, we are facing massive changes in the energy sector.
2022, June, 27, 11:45:49
OIL PRICE: BRENT NEAR $113, WTI ABOVE $107
Brent edged down 8 cents to $113.04 a barrel , WTI was at $107.38 a barrel, down 24 cents.