Iran has produced a new strategic and rare gas product called pentane, as the first country in the MENA region, having developed the new technology, Iranian Offshore Oil Company (IOOC) announced.
Iran says foreign firms, which owe the country its oil money, are ready to settle their debts, with Greece’s Hellenic Petroleum, Italy’s Saras, and Royal Dutch Shell owing Iran altogether about $4b.
As recent sanctions relief allows Tehran to resume oil delivery to Europe, Iran will build a $1.8b refinery in Spain with planned capacity to produce 120,000b/d of oil.
South Africa is considering building an oil refinery that will process Iranian crude to bolster its petrol supply and reduce its dependence on foreign companies.
Bolivian President Evo Morales confirmed he will take part in the upcoming summit meeting of the Gas Exporting Countries Forum (GECF) to be held on November 23 in Tehran.
According to Press TV, Iran's Minister of Petroleum Bijan Zangeneh announced that his country will hold a conference to unveil its new model oil contract in Tehran instead of London.