Iran says has sold Poland 2 million barrels of crude oil

Energy Oil drilling untitled

Poland has bought 2 million barrels of crude from Iran, an official said. (Shutterstock)
Reuters, Dubai Saturday, 2 July 2016 Text size A A A

Poland’s Grupa Lotos has bought 2 million barrels of crude from Iran in a one-off purchase, an Iranian oil official was quoted as saying on Saturday by the oil ministry’s news agency SHANA.

Mohsen Ghamsari, the director for international affairs at National Iranian Oil Company (NIOC), said the cargo was loaded at Iran’s Kharg Island last week.

“Signing a long term contract would depend on the two countries’ situation,” he added.

Reuters reported on Thursday that a supertanker with Iranian crude was heading toward Poland’s Baltic Sea port of Gdansk as Iran continues to claw back market share after the lifting of Western sanctions.

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BUSINESS ENERGY
RWE, Qatargas sign 7.5 year deal for LNG deliveries to Europe

Qatargas will deliver up to 1.1 million tonnes of LNG a year to RWE Supply & Trading (RWEST). (Reuters)
Reuters, BerlinSaturday, 2 July 2016 Text size A A A

RWE has signed a seven and a half year deal with Qatargas for liquefied natural gas (LNG) deliveries into Europe, the German utility said on Saturday.

Under the deal, financial details of which were not given, Qatargas will deliver up to 1.1 million tonnes of LNG a year to RWE Supply & Trading (RWEST).

“This agreement enhances the diversity of RWE’s European gas portfolio,” Andree Stracke, Chief Commercial Officer at RWEST, said in a statement.

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BUSINESS ENERGY
Saudi Arabia keen to expand China energy investments

Saudi Aramco is the first Gulf country to give July pricing, and major producers including Iraq and Iran typically follow Saudi Arabia. (Photo courtesy: Saudi Aramco)
Reuters, RiyadhSaturday, 2 July 2016 Text size A A A

Saudi Arabia wants to expand its investments in China’s energy industry, its Energy Minister Khalid al-Falih said late on Friday, part of the world’s top oil exporter’s efforts to boost cooperation with a top customer.

Falih’s comments were made in an emailed statement after discussions with China’s Vice Premier Zhang Gaoli and other officials in Beijing during a G20 ministerial meeting.

“Saudi Arabia is very keen to elevate their partnership in the energy sector to the highest level,” he was quoted as saying in the statement.

He said he hoped Saudi investments could increase to cover all Chinese provinces and that there was room to grow bilateral trade in both energy and other hydrocarbons products such as petrochemicals.

Falih also said he wanted to see new investment projects carried out by Saudi and Chinese sovereign wealth funds, and added that the two countries shared interest in crude oil storage, mining, renewable energy and industrial development.

Oil producers’ battle for market share in Asia, and particularly in China, the world’s No. 2 consumer, has heated up since the return of Iranian crude to the market after sanctions were lifted on Tehran this year.

Both oil giant Saudi Aramco and petrochemicals conglomerate Saudi Basic Industries Corp (Sabic) have joint venture businesses in China and new projects under development.

In January Aramco said it was also in advanced talks to invest in refineries in China. Sabic said in May it had agreed to build another petrochemical factory there.
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BUSINESS ENERGY
Iraq’s June oil exports fall as domestic usage rises

Iraq’s oil exports from the southern ports fell slightly in June as power generators burning more fuel to keep up with demand for air conditioning increased domestic demand, an official at the state-run South Oil Company said on Friday.

Loadings from Iraq’s southern oil terminals, on the Gulf, ran at an average daily rate of 3.175 million barrels, compared with 3.2 million barrels per day (bpd) in May, he said.

Crude supply to local oil refineries rose due to the increase in demand for electricity for cooling during summer in OPEC’s second-largest producer, he said.

The southern region produces most of the OPEC nation’s crude oil. The northern Kurdish regional government exports about 500,000 bpd through a pipeline to the Turkish port of Ceyhan, on the Mediterranean, but independently from the central government in Baghdad which oversees crude sales from the south.

Iraq, which relies on oil for nearly all its revenue, made$3.845 billion in revenue from oil exports in June, selling at an average price of $40.37 a barrel, an oil ministry spokesman said. June’s revenue was higher than April as prices increased.

Iraqi officials and oil analysts expect further growth in the country’s exports this year, but at a slower rate than 2015 when it was the fastest source of supply growth in OPEC.

 

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