NEWS
Oil   Refining  

Iran to start offering 2 new oil products at IRENEX next week

Two new oil products, namely Propylene and Normal Hexane, are going to be offered at Iran Energy Exchange (IRENEX) for the first time next week, IRNA reported on Monday, quoting the managing director of IRENEX.

After the offerings of propylene and normal hexane products at IRENEX, the country’s demand will be met through domestic resources,” Seyed Ali Hosseini said.

According to the official, Shazand’s Emam Khomeini Oil Refinery which is the current supplier of the mentioned products has committed to offering 80 percent of its annual output, which is 40,000 tons and 60,000 tons of propylene and normal hexane, respectively, at IRENEX on a monthly basis.

Later Kermanshah and Abadan refineries will join Emam Khomeini Refinery to supply their products for offering at IRENEX.

Normal hexane is used as a solvent in the petrochemical and lubrication industries and propylene is commonly used as a feedstock for petrochemical plants, Hosseini said.

Since the U.S. withdrew from Iran’s nuclear pact in May 2018, vowing to drive Iran's oil exports down to zero, the Islamic Republic has been taking various measures to counter U.S. actions and to lessen its economy’s reliance on oil.

In this regard, Iranian think-tanks and energy experts have been repeatedly stating that the country should increase its refining capacity in order to make up for the reductions in crude oil sales by exporting oil products.

Therefore, in the past few months, the National Iranian Oil Company (NIOC) and its subsidiaries have been constantly offering various oil products at IRENEX.
NIOC has managed to sell millions of dollars of oil products via IRENEX over the past two years.

News No: 8366
Date: 2020/01/27 - 16:07
News Source: Tehran Times

National Iranian Oil Company  Emam Khomeini Oil Refinery  IRENEX 

Comments:

Leave a Comment:

   
   
   
 

NIOC awards development of 2 major oilfields to MAPNA

Iran's top engineering and energy enterprise MAPNA Group signed a deal with National Iranian Oil Company (NIOC) on Saturday for the development of Parsi and Paranj oil fields in the southwestern province of Khuzestan.
 

Iran boosts Darkhoein oilfield’s production capacity

Production capacity of Darkhoein oil field in southwestern Iran is increased by 20,000 barrels per day (bpd) over the course of the past 12 months, Shana reported, quoting the head of Arvandan Oil and Gas Company, which is in charge of the field.
 

Commodities worth nearly $3.4b traded at IME during January

According to a report released by the International Affairs and Public Relations Department of Iran Mercantile Exchange (IME), some 2.874 million tons of commodities valued at $3.397 billion were traded at this exchange market in January.
 

Arvan Cloud Introduces Network Availability Services

Iranian cloud service provider Arvan Cloud has set up a platform that helps monitor the availability of internet services in the country.
 

Iran’s Pet-Chem Exports Rising Despite Sanctions

New report shows that neighboring countries are increasing their purchase of Iran’s petrochemical products through a local energy exchange where more than $200 million sales have been recorded just in last week.
 

Acting banks to loan $3b to develop oil industry’s upstream sector

Iranian acting banks are authorized to offer up to $3 billion of loans to the oil industry’s upstream sector, according to the country’s budget bill for the next calendar year (starts on March 19, 2020), IRNA reported.
Upcoming Events
Publications
 Mines & Metals

Mine & Business Today

 Scrap & Recycling

Ahangan

Our partners