Total in Talks to Buy Iranian LNG Project
Total is in talks to buy a multi-billion dollar stake in Iran's partly-built liquefied natural gas (LNG) export facility, Iran LNG, seeking to unlock vast gas reserves. The French oil major -- the first of its peers to strike deals in Iran after sanctions -- seeks entry into Iran LNG at a discount to the pre-sanctions price in exchange for reviving the stalled project, two sources with knowledge of the matter said. A third source confirmed Total was in the running for a stake, alongside several other oil majors, but any deal was still some way off. Total declined to comment. Iran's National Gas Export Co. (NIGEC), a central stakeholder in the project, did not respond to requests for comment by email and phone.
Oil Rallies on Chinese Import Boost and Mideast Tensions
Oil prices firmed on Friday as bullish news from strong Chinese oil imports to turmoil in the Middle East put Brent on track for a nearly 3 percent weekly gain. The developments added to other signs that the market was finally rebalancing after years of excess, but analysts warned that the 2018 balance was still shaky. Brent was at $57.20 at 1335 GMT, up 95 cents. U.S. West Texas Intermediate (WTI) crude was at $51.44 per barrel, up 84 cents from its last settlement. The contracts were on track for weekly gains of more than 2 percent and 4 percent, respectively.
Iran and India to Revive Shipping Joint Venture
Irano Hind Shipping Company, a joint venture between Shipping Corporation of India (SCI) and Islamic Republic of Iran Shipping Lines (IRISL) which was dissolved in the face of the US-led anti-Iran sanctions, could be revived, reports Livemint. SCI says the recent nuclear understanding between Iran and the P5+1 group of countries could provide a new lease of life for the JV. “With the changed situation, anything can happen… The government has to take a call on whether to reverse its earlier decision to dissolve the company,” an SCI spokesman said.
Russia, Iran in Shipbuilding MoU
Iran Shipbuilding and Offshore Industries Complex Company (ISOICO) and Russian Krasnye Barrikady Shipyard has signed an Memorandum of Understanding (MoU) for ship building activities. According to a report by MNA, the MoU was signed by managing directors of ISOICO and the Krasnye Barrikady Shipyard with the presence of Iran’s Deputy Minister of Industry, Mine and Trade Mojtaba Khosro Taj. ISOICO Managing Director Hamid Rezaeian said that three important indicators of the MoU are engineering discussions…
Iran, Kazakhstan to Establish Joint Shipping Company
Iran and Kazakhstan established a joint shipping company to boost trade, said the managing director of the Islamic Republic of Iran Shipping Lines (IRISL). Mohammad Saeedi told Tasnim News Agency that Iran and Kazakhstan's state-owned railroad companies had established the joint shipping company to connect Central Asia to southern Iran. The IRISL chief said the head office of the firm is in the Iranian port city of Bandar Anzali and a representative office will be also established in the Kazakh port city of Aktau.
First Iran-made Liner Set for Launch
The first Iran-made ocean liner, named Iran-Arak, will be launched next week, Iran Mania reported. The Iran-Arak is the largest ocean liner constructed by a Middle Eastern country, adding that the project was undertaken by Iran Offshore Industries Company at a cost of $35 million. The vessel is one of the five shipbuilding projects implemented at the company and took two years to complete. It will have the capacity to carry 2,130 containers. Iran-Saei, which was named after Hadi Saei, Iran’s taekwondo gold medalist at the Athens Olympics, is 300 meters. (Source: Iran Mania)
Temporary Easing of Iran Sanctions in Effect Jan. 20, 2014
The accord reached between Iran and the five permanent members of the United Nations Security Council (the United States, China, Russia, Great Britain and France) and Germany (the P5+1) in November 2013, becomes effective Jan. 20, 2014, for a six-month interim period. The accord provides limited sanctions relief for Iran in exchange for a halt to Iran's nuclear development program. While some of the details regarding the specific scope of sanctions relief are not yet public, this alert provides initial information about the scope and impact of these measures. On Nov. 24, 2013, the P5+1 reached an interim accord with Iran called the Joint Plan of Action. This accord is intended to provide an interim compromise to give negotiators an opportunity to conclude a more permanent agreement.
U.S. Puts Clamps on Iranian Shipping Companies, Ships
The U.S. Treasury Department yesterday said the United States is imposing additional sanctions on Iran’s nuclear and ballistic missile proliferation networks, and is also taking additional steps to prevent the evasion of sanctions by publicly identifying a group of Iranian front companies and banks. “Iran today is under intense, multilateral sanctions pressure, and we will continue to ratchet up the pressure so long as Iran refuses to address the international community’s well-founded concerns about its nuclear program,” said Treasury Under Secretary for Terrorism and Financial Intelligence David S. Cohen. Continuing the effort to target Iran’s nuclear and missile proliferation activities, the U.S.
Iran Offers India Bigger Role in Developing Port of Chabahar
The port of Chabahar in southeast Iran is central to India's efforts to circumvent arch-rival Pakistan and open up a route to landlocked Afghanistan where it has developed close security ties and economic interests. According to a Reuter's report, Iranian President Hassan Rouhani has asked India to invest in infrastructure projects worth $8 billion, including an expanded role in developing a strategic port that will open up access to Central Asia, Iran's envoy to New Delhi Gholamreza Ansari said.
India's Oil Imports from Iran top 500,000 bpd in 2016/17
India's Iran oil imports jumped to a record high in 2016/17 topping half-a-million barrels per day (bpd) as refiners boosted purchases after lifting of some Western sanctions against Tehran last year. India, Iran's biggest oil buyer after China, was among a handful of countries that continued to deal with Tehran despite Western sanctions over its nuclear programme. Refiners shipped in about 541,000 bpd of Iranian oil in the fiscal year to March, a growth of about 115 percent over the previous year, ship tracking data obtained from sources and data compiled by Thomson Reuters Oil Research & Forecasts showed. Iran was India's second biggest oil supplier - a position now belonging to Iraq - before economic sanctions aimed at Iran's nuclear programme hampered its trade relations…
Daewoo to Develop Iranian Shipyard
South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering Co., Ltd. (DSME) and the Industrial Development and Renovation Organization of Iran (IDRO) have signed an outline agreement to cooperate on developing the shipbuilding Industry in Iran. Under the deal with the Industrial Development and Renovation Organisation of Iran, Daewoo Shipbuilding will work on constructing a shipyard and related facilities in Iran, according to Yonhap News Agency. The parties plan to establish…
ClassNK Bows to UANI Request to Close its Iran Office
United Against Nuclear Iran (UANI) CEO, Ambassador Mark D. Last week, UANI called on ClassNK, to close its Tehran office and stop certifying Iranian entities. "We applaud ClassNK for pledging to close its Tehran office. Once it follows through on today's announcement to end its work in Iran, ClassNK will have closed yet another avenue for the Iranian regime to circumvent international sanctions. We call on the Korean Register of Shipping and others to follow the lead of ClassNK, Bureau Veritas, Germanischer Lloyd, and others and help impose an international shipping blockade on Iran. UANI has highlighted the shipping industry as an area where the international community can further pressure Iran.
Exmar to Use Iranian Carriers to Ship LNG
Reuters has reported that Iranian shipbuilder SADRA said it would build 10 ships for Belgium's Exmar to export Iranian liquefied natural gas (LNG) although Iran's efforts to produce the fuel are deadlocked. The total value of the 10 high-technology vessels would be $2.4b, Iran's Industry Minister Alireza Tahmasbi told state television. He told the ISNA students news agency that SADRA might sign a another deal for four more ships. High-value energy deals with Iran put companies at risk from U.S. sanctions. Washington accuses Iran of seeking nuclear arms, a charge Tehran denies. Iran has lacked the investment and technology to develop its reserves for export.
Iran to Export LNG by 2011
Iran has signed a memorandum of understanding (MOU) to export natural gas to Italy, to be implemented by 2011, says an IranMania report. Iran will also export gas to China by the end of the current year. China’s oil giant Sinopec Group signed a $70 billion oil field development and LNG agreement with Iran earlier this fall, according to the report. Iran will attain an annual LNG export of 36 million tons, worth $6 billion, by 2015. Source: IranMania
Iran to Step up Production One Week post-Sanctions
Iran will boost its crude oil production within one week once international sanctions are lifted and is determined to regain its lost market share, senior Iranian oil officials reiterated on Monday. Iran will raise production by 500,000 barrels per day in the first week after sanctions are lifted, Rokneddin Javadi, general manager of the National Iranian Oil Company, was quoted as saying by oil ministry news agency Shaha. "A 500,000-barrel increase in Iran's oil production will take place in less than a week after the effective lifting of sanctions," Shana quoted Javadi as saying. On Sunday, the United States approved conditional sanctions waivers for Iran…
Iran Raises Oil Exports to West, Almost on Par with Asia
Iran's oil exports to the West surged in May to their highest level since the lifting of sanctions in early 2016 and almost caught up with volumes exported to Asia, a source familiar with Iranian oil exports said. Iran, which used to be OPEC's second biggest oil exporter, has been raising output since 2016 to recoup market share lost to regional rivals including Saudi Arabia and Iraq. While many Asian nations continued to purchase oil from Iran during sanctions, Western nations halted imports, halving Iran's overall exports to as little as one million barrels per day (bpd).
Annual Economic Sanctions Update
Iran Continues to Dominate U.S. Since last year’s update appeared in the May 2012 issue of Maritime Reporter & Engineering News, Iran has continued to dominate U.S. sanctions headlines. Significant actions by both the U.S. Congress and Department of the Treasury’s Office of Foreign Assets Control (OFAC) over the past year have increased sanctions against Iran substantially, and further initiatives are pending. Our 2013 update concentrates on these key developments, with particular focus on Iran sanctions of interest to the maritime community.
UANi Surveillance Points Up Swedish Iran Sanction-buster Tankship
United Against Nuclear Iran (UANI) has called on Sweden’s Stoc Holding AB to explain and cease its business to and from Iran with the tankship 'Persia'. According to UANI, Stoc Holding controls a vessel, called the "Persia," that appears to operate a dedicated route in support of Iran's petrochemical industry. Stoc Holding openly advertises its ties to sanctioned Iranian entities on the front page of its website. UANI recently launched its Maritime Intelligence Network and Rogue Vessel Analysis (MINERVA) system, to provide real-time tracking and course prediction for Iranian and Iran-related vessels. MINERVA’s unique capabilities allow UANI to monitor such vessels, and take relevant action to halt illegal Iran-sponsored shipping schemes.
Iran Containership to be Launched
Persian Gulf, the largest bulk containership of Iran’s commercial fleet is to be launched in the Chinese port of Shanghai on April 25. The 74,000-ton ship is the fourth carrier built by China’s Jiangnan Shipyard Corporation, a subsidiary of China State Shipbuilding Corporation (CSSC), which is located in Changxing Island. The company had earlier built and launched three ships of the same type, Panamax, 225 meters long, named Iran Tabas, Iran Bojnurd, and Iran Birjand. Iran Bojnurd was launched in Shanghai last November. Iran had submitted its orders to Jiangnan Shipyard, formerly named Jiangnan Shipbuilding Works, three years ago. The first of the ordered ships, named Iran Tabas, was launched in July 2005.
India to Develop Iran's Chabahar Port
India will float a company to develop Iran's Chabahar Port, a government statement said on Saturday, as New Delhi aims to take advantage of a thaw in Tehran's relations with world powers. The port of Chabahar in southeast Iran is central to India's efforts to circumvent Pakistan and open up a route to landlocked Afghanistan where it has developed close security ties and economic interests. Iran and six world powers are engaged in talks to agree on a deal easing sanctions against Tehran before a late-November deadline.
US Shipping Lines May Return to Iranian Ports
Iran is expecting American shipping lines to visit its ports once the economic sanctions against it are lifted in light of the emerging comprehensive final agreement over the Iranian nuclear energy program, reports Press TV. Iranian deputy minister of road and urban development Mohammad Saeednejad, who also heads Iran's Ports and Maritime Organization, said American shipping lines may return to Iranian ports after the removal of Western economic sanctions against the Islamic Republic.
Khamenei Says Iran Nuclear Weapons are a U.S. "Myth"
Iran's Supreme Leader Ayatollah Ali Khamenei told military commanders on Sunday the United States had created the "myth" of nuclear weapons to portray Iran as a threat, hardening his rhetoric before nuclear negotiations resume this week. Khamenei, the highest authority in Iran, has supported the talks but continues to express deep mistrust of the United States. "They created the myth of nuclear weapons so they could say the Islamic Republic is a source of threat. No, the source of threat is America itself…
India to Sign Port Deal with Iran
India will push ahead this week with plans to build a port in southeast Iran, two sources said, with Prime Minister Narendra Modi keen to develop trade ties with Central Asia and prepared to fend off U.S. pressure not to rush into any deals with Iran. India and Iran agreed in 2003 to develop a port at Chabahar on the Gulf of Oman, near Iran's border with Pakistan, but the venture has made little progress because of Western sanctions on Iran. Now, spurred on by Chinese President Xi Jinping's signing of energy and infrastructure agreements with Pakistan worth $46 billion, Modi wants to swiftly sign trade deals with Iran and other Gulf countries.