Total amount of LNG will be gasified per year from terminal expected 7.2 Million MT Per Year that will make it Asia’s Biggest LNG Terminal.

The two companies signed the contracts after very difficult negotiations on Saturday evening. Managing Director of Sadaf Petrochemical Assaluyeh Company Ahmad Jazayeri said the Swiss company will help his company to build a plant for production of the synthetic polymer ESBR, a strategic product used in the petrochemical industry and rubber manufacturing.

The pipeline project has been stuck for years now because of sanctions on Iran. Pakistan has not been able to build the pipeline on its soil due to lack of funding. Iran has already built 900 km length of the pipeline on its territory while Pakistan still has to start work on the pipeline that would traverse its territory.

Brent crude oil futures LCOc1 fell to $49.74 per barrel, at 1327 GMT, down 80 cents, after trading as low as $49.61.

The new discovery is 12 km off shore, and 10 km north of last year’s find, Nooros. The well was drilled in water depth of 25 m and reached a total depth of 3,750 m and found about 62 m of net gas pay in high quality Messinian sandstones and with "excellent reservoir properties," according to Eni.

"Growth is expected to rebound in 2016, supported by exchange rate depreciation and accommodative monetary and fiscal policies, but uncertainty about oil prices, challenges in sustaining the global recovery, and elevated domestic vulnerabilities suggest risks to the outlook are tilted to the downside," the IMF said.

OPEC predicted that the global oil market will be more balanced in the second half of this year as demand rises and rival supplies falter, echoing views expressed by ministers at the group’s meeting this month.

U.S. Rig Count is up 4 rigs from last week to 414, with oil rigs up 3 at 328, gas rigs up 3 to 85, and miscellaneous rigs unchanged at 1. Canadian Rig Count is up 24 rigs from last week to 65, with oil rigs up 16 to 29, gas rigs up 8 to 36.

ONGC Videsh Ltd. signed a $1.16 billion nine-month bridge loan on May 19 to fund the purchase of a 15 percent stake in Vankor field in Siberia from Russia’s Rosneft OAO, data compiled by Bloomberg show. Indian Oil Corp. plans a $1.2 billion fundraising for Russian investments in three or four months, including short- and long-term loans, Finance Director A.K. Sharma said in an interview on Wednesday. The average margin over benchmark rates on non-rupee loans for Indian refiners and explorers was 74 basis points this year, the lowest since 2006, the data show.

Oil companies BP (BP.L) and Det norske (DETNOR.OL) have agreed to merge their Norwegian businesses in a $1.3 billion all-share deal to cut costs, challenge Statoil's (STL.OL) dominance of the local industry and look for more acquisitions.

“There are still no fundamental factors for growth in oil prices,” Siluanov said. “We should plan our financial resources on that basis.”

The Indonesian government has proposed to the parliament revising down the country's 2016 crude oil production target by 2.4% to 810,000 b/d, from the initial target of 830,000 b/d, as some producers had reduced their output levels due to lower global prices,

In Q1 2016 net income was at RUB 14 bln. Decline of net income compared to RUB 53 bln in Q4 2015 resulted from EBITDA decrease and from recognition of one-offs from insurance compensation and sales of investments in the total amount of RUB 38 bln in other income at the end of 2015.

As many as 120,000 oil workers will have lost their jobs in Britain by the end of the year compared to mid-2014 when oil prices started declining and unleashed sector-wide cost cuts, the industry's lobby group said on Friday.

Brent crude for August delivery settled at $51.44/bbl on the London market. It was the highest price for front-month Brent since Oct. 9, 2015.