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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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Saturday, 18 March 23
HEDGE TO OFFSET LNG VOLATILITY, TRADERS TOLD - BALTIC EXCHANGE
A shift in imports from Asia to Europe led to significant volatility in liquefied natural gas shipping last year, prompting industry experts to urg ...
Friday, 17 March 23
INDONESIAN COAL PRICE REFERENCE UP AROUND 2.17% IN MARCH 2023
COALspot.com: Indonesian Coal Price Reference up around 2.17% in March 2023.
According to the new HBA regulation No. 41.K/MB.0 ...
Saturday, 11 March 23
MARKET INSIGHT - INTERMODAL
Uncertainty over the recovery of Chinese demand, demand destruction in Europe, as well as weather conditions will pivot the LNG market this summer. ...
Wednesday, 08 March 23
INDONESIAN COAL REFERENCE PRICE FORMULA HAS OFFICIALLY CHANGED
Indonesian Minister of Energy and Mineral Resources has officially changed the guideline for determining the benchmark price for the sale of coal c ...
Thursday, 02 March 23
INDIA'S SEABORNE CRUDE OIL IMPORTS IN 2022 INCREASED BY 11.5% YOY - BANCHERO COSTA
2022 has turned out to be a very positive year for crude oil trade, despite the surging oil prices and risks of economic recession, Banchero Costa ...
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- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- PTC India Limited - India
- Wilmar Investment Holdings
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- The University of Queensland
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Australian Coal Association
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Indogreen Group - Indonesia
- White Energy Company Limited
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Parliament of New Zealand
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Planning Commission, India
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
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