With crude and condensate exports of around 2.5 million barrels per day (mbd), senior Iranian oil officials are hopeful the country's nuclear deal with Western powers will continue, despite the US threatening to withdraw.
The new Iranian oil contract, known as Iran Petroleum Contract (IPC), will be finalized in the next one and a half months. The first contract is expected to be signed in three to four months’ time, the Deputy Oil Minister for International Affairs Amir Hossein Zamani-Nia said.
Oil Ministry has announced long-term plans to greatly limit the export of crude hydrocarbon resources concurrent with the start of executive operations of Siraff gas condensates refinery in Assalouyeh, Bushehr province.
The Oil Minister Bijan Namdar Zangeneh told a meeting Tuesday, 'In order to create an incentive for energy service companies (ESCO), a program with a budget of $1.2 billion has been launched to help them concentrate on improving utilities and building structures to make them more energy-friendly and cut costs,' Fars news agency reported.
Iranian Oil Minister Bijan Namdar Zanganeh announced that his ministry is planning to considerably increase the volume of the country’s oil derivatives exports in the next Iranian year (to start March 21).