Venezuelan state-owned PdV utilized less than a quarter of the nameplate processing capacity at its main oil refineries in July, reflecting a shrinking pool of domestic feedstock and chronic equipment breakdowns.

South Pars Oil and Gas Company (SPOGC) has curbed the flaring of natural gas at the so-called 3rd South Pars refinery in the city of Asalouyeh, Bushehr Province, by 70% in the present fiscal year (ends March 20), the refinery's director said on Wednesday.

Saudi oil giant Aramco will buy an equity stake in Malaysian firm Petronas' major refining and petrochemical project, pumping in $7 billion in its biggest downstream investment outside the kingdom, the companies said on Tuesday.

Tehran has finalized an agreement worth $2 billion (2.3 trillion won) with South Korea's Daelim Corporation to renovate and expand a refinery in Isfahan Province, head of the National Iranian Oil Refining and Distribution Company, Abbas Kazemi, said on Friday.