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Wednesday, 27 June 18
SHIPPING MARKET INSIGHT - APOSTOLOS ROMPOPOULOS
 After the abolishment of the trade embargo against Iran, there was a lot of optimism from the country’s side, as after quite some time a number of companies started demonstrating interest for oil and gas investments there.
The start was rather encouraging as in January 2016, with production increasing from 2.8 million barrels per day to 3.5 million barrels per day, reaching 3.83 million barrels per day in August 2017. High field pressure was temporary and production was not maintained at high levels.
Additionally, it is worth mentioning that crude oil exports increased from 2.5 million barrels per day in October 2016 to 2.61 million barrels per day in April 2018. This however was caused due to stored oil and not from new production, which would have been the ideal case.
During the 2010-2016 period, there were already many oil fields that had started entering the maturity phase and could not maintain satisfactory pressure to pump oil. So when the sanctions were first introduced, things became even tighter for the country. NIOC could not find a way to maintain fields at a solid productive capacity. Together with the fact that the oil revenue was declining, NIOC was eventually obligated to shutter oil wells in multiple fields due to lack of required funding.
What I would like to highlight here is that even before Trump’s sanctions, Iran found it difficult to approach foreign investors and companies to work together with NIOC.
What Iran really required once the sanctions were lifted was foreign investment and foreign expertise to revamp its oil and gas production infrastructure. As a means of enticing foreign companies to invest and work in Iran, the country’s Oil Minister, Bijan Namdar Zangeneh, sought to offer new oil contracts with more lucrative terms compared to those prior to the sanctions. Nevertheless, those new contracts never materialized.
Post Trump’s sanctions
When the new sanctions arrived in May 2018, Total, the only foreign oil company that had actively pursued investment in Iran, announced that it would drop the project on the South Pars 11 gas field.
In contrast to the above, we noticed a rare export from Khrag island to Chile after 16 years according to refineries’ records; (MT “MONTE TOLEDO” 140 NHC 24 MAY KHARG/CHILE).
Spain's Repsol purchased 500,000 barrels of Pars Oil on a spot basis. Pars Oil, co-loaded with Iranian heavy grade is a new grade produced in the West Karoun block. This specific trade shows Tehran’s willingness not only to raise oil exports but also to expand trade with Europeans.
To conclude, Iran is expected to focus on the improvement of its oil production as well as continue seeking new business allies in order to survive the newly introduced sanctions form the U.S. At the same time European powers are also expected to keep supporting Iranian oil exports and continue purchasing Iranian crude, simply because they wish to keep the nuclear accord with Tehran alive.
By Apostolos Rompopoulos
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 14 November 23
CHINA'S BELT AND ROAD INITIATIVE TURNS AWAY FROM COAL - WOOD MACKENZIE
Ambitious, contentious and big spending, China’s Belt and Road Initiative (BRI) is 10 years old. In that time, China has splashed more than U ...
Friday, 10 November 23
THE COMMODITIES FEED: OIL UNDER PRESSURE - ING
Energy – Brent plummets
The oil market came under significant pressure yesterday. ICE Brent settled 4.19% lower on the day and ...
Friday, 10 November 23
COAL USE AT U.S. POWER PLANTS CONTINUES DOWNWARD SPIRAL; FULL IMPACT ON MINES TO BE FELT IN 2024 - IEEFA
This year, the use of coal by the U.S.’s power producers has been so anemic that the fuel has not achieved a 20% market share in any month so ...
Friday, 10 November 23
INDIA: NATIONAL COAL INDEX RISES 3.83 POINTS IN SEPTEMBER AMID HIGHER DEMAND - LIVEMINT
The National Coal Index (NCI) rose 3.83 points to 143.91 in September amid growing demand for coal.
The union coal ministry on Tuesd ...
Thursday, 09 November 23
WE'RE PRODUCING TOO MUCH COAL, OIL AND GAS, REPORT SAYS - WSJ
World leaders pledged in 2015 to reduce emissions in a combined effort to limit climate change.
Now they are stepping up production ...
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- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Marubeni Corporation - India
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- MS Steel International - UAE
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- White Energy Company Limited
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
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