Iranian Tankers Insured, Oil Exports Rise Quickly

[thackney]

Iranian Tankers Insured, Oil Exports Rise Quickly
http://www.maritime-executive.com/article/iranian-oil-exports-rise-quickly-tankers-insured
2016-05-16

On Sunday, Iranian and Chinese officials signed an agreement for large-scale Chinese investments and trade commitments for the Iranian petroleum industry.

Among other measures, the agreement includes the renovation of Abadan Refinery; investments in as many as 70 petrochemical projects; development of the second phase of the North Azadegan and Yadavaran oil fields; and a Chinese commitment to purchase a significant share of Iran's oil exports.

Since the lifting of sanctions in January, China has been Iran's largest customer for oil, with imports of 800,000 barrels a day of crude. Iran has been increasing its production faster than analysts predicted: its exports for April rose to two million barrels a day, the IEA says, up 600,000 barrels from March.

The exports may be set to accelerate. The first Iranian tanker to call in Europe is set to arrive in June, the first in four years, and the managing director of the National Iranian Tanker Company (NITC), Ali-Akbar Safaei, said that all insurance problems affecting Iranian tanker operations have been solved....

[thackney]

China to Develop 2 Iranian Oil Fields: Minister
http://www.tasnimnews.com/en/news/2016/05/16/1076987/china-to-develop-2-iranian-oil-fields-minister

Iran has agreed to let Chinese companies complete development of the second phases of North Azadegan and Yadavaran oil fields.

The development projects will “continue under preliminary contracts (buyback deals)," Shana quoted the minister as saying after a meeting with Deputy Administrator of National Energy Administration of China Zhang Yuqing.

He further described China as Iran’s “strategic partner” in the oil, gas and petrochemical industries.

Last month, Zanganeh said France’s oil giant Total had inked a non-disclosure deal with Tehran on the development of the South Azadegan oil field.

Iran discovered Azadegan oil field in 1999 and teamed up with Japan’s Inpex to push the project toward development. However, the Japanese company quit the project as a result of US sanctions against Iran.

The National Iranian Oil Company (NIOC) later divided the project into southern and northern sections.

[thackney]

India seeks to pay $6.5 billion to Iran for oil imports
http://economictimes.indiatimes.com/news/economy/finance/india-seeks-to-pay-6-5-billion-to-iran-for-oil-imports/articleshow/52285579.cms

India has approached Turkey's Halkbank to facilitate the payment of $6.5 billion (about Rs 43,400 crore) it owed to Iran for the crude oil imported when western sanctions were in place on Tehran, an Iranian news agency reported.

"The Indian government is seeking to pay the $6.5-billion debt and is looking to prepare the banking activities. The receiving bank for this money will be Turkey's Halkbank, and the money will be paid in euros," news agency Fars quoted Indian Ambasado ...