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Page added on October 29, 2013

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Iran outlines plan to win back Western oil interest

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Iran is planning to offer international companies more lucrative contracts to attract at least $100 billion worth of investment in its oilfields over the next three years, the Financial Times reported on Monday.

An adviser to Iran’s oil minister, Mehdi Hosseini, was quoted in the Financial Times article as saying the Islamic republic would scrap its current system of “buyback” contracts, which do not allow foreign companies to book reserves or take equity stakes in Iranian projects.

According to the article, Hosseini said a new “win-win” type of contract, details of which are expected to be announced in London next March, was in the works and leading companies could benefit, “whether American or European”.

Iran said last week that it would reach out to old oil buyers and was ready to cut prices if Western sanctions against it were eased, promising a battle for market share in a world less hungry for oil than when sanctions were imposed.

Iran’s crude exports were reduced by more than half after the European Union and United States tightened sanctions in mid-2012 in response to Tehran’s nuclear program.

A telephone conversation in September between Iranian President Hassan Rouhani and U.S. President Barack Obama revived market hopes for a diplomatic resolution that would lead to more Iranian oil in the marketplace.

The International Energy Agency (IEA) said this month, however, that few expected sanctions to be eased soon, despite the first high-level talks between Iran and the United States since Iran’s 1979 revolution.

Tehran nationalized its energy sector in 1979.

Reuters



5 Comments on "Iran outlines plan to win back Western oil interest"

  1. BillT on Tue, 29th Oct 2013 11:23 am 

    These chats are pissing off Nuttenyahoo…

  2. Arthur on Tue, 29th Oct 2013 1:20 pm 

    One can’t escape the impression that Obama is using his second term to distance himself a little from the rascal in Jerusalem and prefers to concentrate for the moment on the impoverishment of the US middle class, aka Obama-care.

  3. bobinget on Tue, 29th Oct 2013 1:33 pm 

    It’s wondrous how much a person can give away about his personal and political views in three short lines.

  4. shortonoil on Tue, 29th Oct 2013 3:36 pm 

    “Iran said last week that it would reach out to old oil buyers and was ready to cut prices if Western sanctions against it were eased, promising a battle for market share in a world less hungry for oil than when sanctions were imposed.”

    The US will desperately need Iran’s light sweet crude over the next couple of decades. If this administration doesn’t grasp this with both hands, and feet they are certainly a bunch of moronic fools. Of course the petroleum industry knows all abut our dilemma; what the petroleum wants, the petroleum industry gets! The only barrier is the Saudis.

  5. Arthur on Tue, 29th Oct 2013 4:36 pm 

    “The only barrier is the Saudis.”

    Indeed. The Saudis are angry that the US is very reluctant in toppling Assad, Iran’s #1 ally. SA is a fake country from the colonial drawing boards in White Hall, with ‘Lawrence of Arabia’ as the prime architect. But the ‘house of Saud’ is playing bluff-poker with very bad cards, since it is the US only that is keeping the SA royals in the saddle. SA has nowhere else to go. SA is a splinter from the former Ottoman empire and is likely to be drawn back into a reemerging Turkish (Muslim Brotherhood) led Caliphate.

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