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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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Sunday, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
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- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Coastal Gujarat Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Planning Commission, India
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
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