Iran signs oil deal with British energy group

The project will involve a $1 billion investment to produce 200,000 barrels of crude oil per day over the next 10 years

‘More than $21bn will be spent on Iranian oil in next four years’

The nation plans to grow oil production to around 4.9 million barrels per day by 2021

Burning oil tanker in East China Sea sinks

The Sanchi oil tanker burning in the East China Sea for more than a week has sunk. That’s according to Chinese media reports, which say all 32 crew members on the ship have been killed. The Sanchi and a cargo ship collided 160 miles off Shanghai just over a week ago. The tanker, which was carrying […]

Iranian oil tanker ‘could explode and sink’ after collision

An Iranian oil tanker is on fire after colliding with a Chinese freight ship off the coast of Shanghai and could be at risk of exploding and sinking. That’s according to Alireza Irvash, the Iranian Consul General in Shanghai, who reportedly said efforts to find missing crew members and contain oil leaking were being hampered […]

EU slaps anti-dumping duties on steel from four nations

The European Commission has imposed anti-dumping duties on imports of hot rolled flat steel products from Brazil, Iran, Russia and Ukraine. Hot-rolled flat steel is used in gas containers, pressure vessels, energy pipelines, tubes and shipbuilding. The four countries will face duties ranging between €17.6 (£15.7) and €96.5 (£86) per tonne following an investigation by […]

UK firm plans €500m solar power farm in Iran

A green investment company in the UK plans to invest €500 million (£442.4m) in a solar power project in Iran. Quercus has signed an agreement with Iran’s Ministry of Energy for the 600MW plant and is expected to be the sixth largest project of its kind globally. Construction is to last three years, with the […]

EU-Iran ink first ever nuclear safety co-operation project

The European Commission has signed the first ever project for co-operation on nuclear safety with Iran. The €2.5 million (£2m) project aims to enhance the capabilities of the Iranian Nuclear Regulatory Authority (INRA) by preparing a feasibility study for the Nuclear Safety Centre under the deal, known as the Joint Comprehensive Plan of Action (JCPOA). […]

‘Middle East and North Africa could be green by 2030’

The Middle East and North Africa’s (MENA) energy systems could rely primarily on renewables by 2030. That’s according to researchers from the Lappeenranta University of Technology (LUT) in Finland, who have shown major oil producing countries in the MENA region could turn their abundant renewable energy resources into lucrative business opportunities in less than two decades. The study suggests a fully renewable […]

Total signs first post sanction Iranian gas deal

French oil giant Total has signed a deal to develop a gas project in Iran. The agreement is the first of its kind after the sanctions against the country were eased. The oil firm has agreed with National Iranian Oil Company to develop phase 11 of South Pars (SP11), the world’s largest gas field. The […]

India and Iran ‘to clear $6.4bn oil payments via European banks’

The central banks of India and Iran have reportedly agreed to use European Banks to clear oil payments to Tehran. They are worth $6.4 billion (£4.4bn), Indian Oil Minister Dharmendra Pradhan told reporters. Buyers of Iranian oil were prevented from using global banking channels to clear their transactions after sanctions were imposed on Iran in […]