Page 12 - MEOG Week 39

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remove or at least reduce the US sanctions,” Bacci concluded.
oIL reVIeW
Japan offering credit line for oil purchases
Iran’s Foreign Ministry has disclosed that the Japanese government has proposed offering the country a line of credit based on the volume of Iranian oil Japan purchases.
At a news conference on Monday, Iranian Foreign Ministry spokesperson Seyyed Abbas Mousavi said Japan’s proposal is an attempt to ease tensions between Iran and other countries. He did not provide further details of the proposal.
Mousavi said Japan’s proposal is similar to one made by French President Emmanuel Macron, and would help break the current deadlock.
Last month, France disclosed that it has proposed offering a credit line for Iran that would be guaranteed by its oil revenues as a form of economic aid.
France’s proposal has yet to approved by the US, which has imposed an all-out embargo on Iranian oil.
The Japanese Embassy in Tehran says it is aware of the Iranian spokesperson’s comment, but officials say they cannot comment on details of diplomatic exchanges.
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ADNOC selects ICE for its Murban crude oil futures
State-owned Abu Dhabi National Oil Co (ADNOC) has chosen the Intercontinental Exchange (ICE) to launch a regional oil
benchmark based on its Murban crude grade by next year, three sources familiar with the matter said.
Two sources said ADNOC may launch a new Murban futures contract as early as February 2020.
The move means that ADNOC would ditch the retroactive pricing system it is currently using to set its official selling prices.
Reuters reported in July that ADNOC was considering officially announcing the Murban benchmark plan by November and was in talks with a number of exchanges including ICE and the Chicago Mercantile Exchange (CME) as part of the company’s plans to overhaul its trading operations.
ADNOC and ICE declined to comment.
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NIOC to continue signing oil contracts with local firms
The CEO of the National Iranian Oil Company (NIOC) said the company was to sign 9 contracts with domestic companies for oil production enhancement and maintenance projects.
Addressing a ceremony to sign several contracts between the Petroleum Engineering and Development Company (PEDEC), an NIOC subsidiary, and local firms for building electro-pumps for the purposes of the project on Monday, Masoud Karbasian said NIOC would continue signing contracts with domestic firms for its projects.
He said the $1.8b Goreh-Jask pipeline project would entail construction of 5 pumping houses valued at 143 million Euros,
1,000 km of 42-inch pipeline, construction of 20 500,000-barrel storage tanks, construction of Jask oil export terminal, etc. which will all be constructed by relying on domestic forces. Karbasian said that for construction of
each section of the project many jobs would be created in the country, besides tapping the potentialities of domestic producers.
He said currently, 30,000 tons of steel slaps are being produced by Oxin Steel Company and 20 km of the pipeline has been built, so far.
shana
Iran to spend $700m for developing Jask region
Iranian Minister of Petroleum Bijan Zangeneh said the country was building a $1.8b oil pipeline project from Goreh to Jask Port
of which $700m alone would be spent for developing the port.
Addressing a ceremony to sign several contracts between the Petroleum Engineering and Development Company (PEDEC) and local firms for building electro-pumps for
the purposes of the project on Monday, Mr. Zangeneh said the project would transform the region as various oil storage facilities, export jetties, wave breakers and single buoy mooring systems would be built in Jask.
He further added that two refineries as well as petrochemical facilities were also planned to be build in the region afterwards.
The official also called for domestic manufacturing of revolving machinery including turbines, compressors, pumps, electro-engines, etc. as the county spent a fortune for importing such equipment. shana
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Week 39 01•October•2019