Middle East

Iran building $1.8 bln oil pipeline to terminal outside Gulf

October 01, 2019 | Middle East, Terminals & Storage

Dubai, United Arab Emirates | –  Iran is building a $1.8 billion oil pipeline to its port of Jask outside the mouth of the Gulf, the country’s oil minister said, as part of plans to protect its exports against potential problems in the region and to boost shipments of Caspian oil. Iran has been planning since at least 2012 to set up the terminal on the Gulf of Oman, just outside the Strait of Hormuz. Tehran has threatened to block the vital Gulf oil shipping route …

US warns Europe not to develop barter system to evade Iran sanctions

July 26, 2019 | Government & Regulations, Legal, Middle East, Nuclear

As the remaining signatories to the Iran deal — China, Russia, Britain, France, Germany, and the EU are due to meet in Vienna on Sunday London, UK | – American officials have issued a warning to European nations that they risk falling foul of sanctions on Iran if they press ahead with a barter system that could allow the export of Iranian oil. Last week, Russia signalled it was interested in joining the mechanism, known as Instex, as part of an effort to resuscitate a …

Iran-backed rebels drone attacks damage Saudi pumping stations

May 14, 2019 | Civil Wars & Terrorism, Middle East, Pipelines, Rigs & Vessels

London, UK | –  Saudi Arabia halted its main cross-country oil pipeline after a drone attack damaged pumping stations along the link, a strike claimed by Iran-backed rebels in neighbouring Yemeni. Oil prices rose. Saudi Aramco, the world’s biggest oil exporter, said that supplies of crude and products continued “normally without interruption,” the official Saudi Press Agency reported, citing the energy ministry. The state producer halted the pipeline transporting oil from eastern fields to the port of Yanbu on the western coast as a precautionary, …

Saudi Arabia calls off Aramco IPO, applies for $12 billion loan

August 23, 2018 | Energy Trading & Markets, Government & Regulations, Middle East

London, UK | –  Saudi Arabia has called off plans for the domestic and international listing of state oil giant Aramco, billed as the biggest stock flotation in history, four senior industry sources said on Wednesday. Financial advisers working on the planned listing have been disbanded as Saudi Arabia shifts its attention to a proposed acquisition of a “strategic stake” in local petrochemicals maker Saudi Basic Industries Corp, two of the sources said. “The decision to call off the IPO was taken some time ago, …

China, Germany defend business with Iran in face of U.S. threats

August 08, 2018 | Economics & Markets, Middle East

London, UK | – China and Germany defended their business ties with Iran on Wednesday in the face of President Donald Trump’s warning that any companies trading with the Islamic Republic would be barred from the United States. The comments from Beijing and Berlin signalled growing anger from partners of the United States, which re-imposed strict sanctions against Iran on Tuesday, over its threat to penalize businesses from third countries that continue to operate there. “China has consistently opposed unilateral sanctions and long-armed jurisdiction,” the …

China interested in joining TAPI pipeline project – Pakistan official

August 08, 2018 | Construction & Installation, Middle East, Pipelines

Islamabad, Pakistan | – China is exploring building a spur from Pakistan’s territory once the multi-country TAPI natural gas pipeline project begins operating, a Pakistani official said, with the financial close of the project’s first phase expected next month. Originating at the giant Galkynysh gas field in Turkmenistan, the $9.6 billion TAPI (Turkmenistan, Afghanistan, Pakistan and India) pipeline involves the four countries own energy companies, and would carry 33 billion cubic metres (bcm) of gas a year. Turkmenistan is building the TAPI pipeline to diversify …

US push European and Asian states for zero oil imports from Iran

June 27, 2018 | Commodities & Oilprice, Government & Regulations, Middle East, OPEC

Trump administration is looking to increase pressure on Tehran by cutting off its main revenue stream London, UK | – The Trump administration is asking its international partners for a full halt on oil imports from Iran by November 4, saying non-compliance could lead to sanctions. A State Department briefing on Tuesday confirmed that Washington is pushing to cut oil imports to zero. “We are not granting waivers,” an official told reporters. Instead, the Trump administration wants European, Asian and regional countries “to isolate streams of …

Qatar says too early to exit OPEC oil production cuts

April 05, 2018 | Middle East, OPEC

Tehran, Iran |  – OPEC and its allies should maintain oil supply curbs to guarantee healthy price levels which will allow increased investment in the industry and help avoid a big supply and price shock in the long run, OPEC member Qatar said. Qatar’s Energy Minister Mohammed al-Sada told Reuters he also supported the idea of creating a permanent platform for OPEC’s cooperation with Russia even after the current round of joint oil supply cuts ends. “There is a clear recovery in oil prices. But …