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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, 16 April 23
CHINA JUGGLES FOUR MAJOR ECONOMIC CHANGES IN 2023 - WOOD MACKENZIE
Change is afoot in China. Economic growth is slowing, while rising political tensions between China and the US, coupled with global supply chain re ...
Sunday, 16 April 23
CHINA'S MARCH COAL IMPORTS JUMP TO 3-YEAR HIGH - REUTERS
China’s coal imports surged in March to their highest in any month over the past three years as utilities increased purchases on expectations ...
Sunday, 16 April 23
OPEC KEEPS WORLD OIL DEMAND GROWTH OUTLOOK UNCHANGED
The OPEC Reference Basket (ORB) declined in March by $3.43, or 4.2%, m-o-m to average $78.45/b. The ICE Brent first-month contract fell by $4.33, o ...
Sunday, 16 April 23
CHEAPER SPOT LNG PRICES TEMPT SOME ASIAN BUYERS AMID SUPPLY GAINS - REUTERS
Cheaper spot prices for liquefied natural gas (LNG) are luring price-sensitive buyers back in Asia, with China and India recording rising imports i ...
Tuesday, 11 April 23
COAL USE CLIMBS WORLDWIDE DESPITE PROMISES TO SLASH IT - AAP
The burning of coal for electricity, cement, steel and other uses went up in 2022 despite global promises to phase down the fuel that is the bigges ...
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- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- SMG Consultants - Indonesia
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
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