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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 February 23
PAKISTAN PLANS TO QUADRUPLE DOMESTIC COAL-FIRED POWER, MOVE AWAY FROM GAS - REUTERS
Pakistan plans to quadruple its domestic coal-fired capacity to reduce power generation costs and will not build new gas-fired plants in the coming ...
Saturday, 18 February 23
2023 MARINE FUEL MARKET PREDICTIONS - JOHN BERGMAN, AURAMARINE
The drive for decarbonisation we witnessed in 2022 has continued into 2023, demonstrating the shipping’s industry positive strides in the fas ...
Saturday, 28 January 23
COAL GROWTH BLIP NOT TO BE REPEATED - BALTIC EXCHANGE
As 2022 drew to a close, global coal demand looked set to end the year just 1.2% up on the previous year. But that small increase was enough to pus ...
Thursday, 26 January 23
CHINA'S COAL OUTPUT INCREASES IN DECEMBER 2022 - XINHUA
China’s raw coal output posted stable expansion in December 2022, official data showed.
The country produced 400 million tonne ...
Thursday, 26 January 23
COKING COAL NARROWS THE GAP ON THERMAL AS CHINA REOPENS - REUTERS
The premium of high-grade thermal coal over coking coal in Asia is shrinking as China’s re-opening and ending of a ban on imports from Austra ...
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- Baramulti Group, Indonesia
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
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