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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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Thursday, 22 December 22
RUSSIAN OIL EXPORTS CRATER BY 54% IN THE FIRST FULL WEEK OF THE EU'S EMBARGO AMID A SHORTAGE OF TANKERS WILLING TO CARRY CARGOES - BUSINESS INSIDER
Since the European Union imposed its seaborne crude sanctions, Russian oil exports have tumbled by more than half, according to data compiled by Bl ...
Thursday, 22 December 22
CHINA TIGHTENS VERIFICATION OF SHIPS’ ENERGY CONSUMPTION DATA - GARD
From 22 December 2022, ships trading to Chinese ports must record their energy consumption data in accordance with the requirements of their Ship E ...
Thursday, 22 December 22
AN OVERVIEW OF THE LNG MARKET - VESSELSVALUE
LNG values have continued to strengthen, spurred by skyrocketing earnings that have surpassed last year’s record breaking peaks. In November, ...
Thursday, 22 December 22
COKING COAL SLUMPS AS TALKS ON AUSTRALIA-CHINA TRADE RIFT LOOM - REUTERS
Chinese coking coal futures dropped more than 3 per cent on Tuesday (Dec 20), extending losses, as supply of the steelmaking input might increase i ...
Thursday, 22 December 22
COAL AND GAS PRICE CAPS MAY COMPOUND POLITICAL RISK FOR AUSTRALIAN CORPORATES - FITCH RATINGS
Australia’s introduction of temporary price caps on domestic sales of gas and coal used for electricity generation will probably have limited ...
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- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- White Energy Company Limited
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- PTC India Limited - India
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
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