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South Pars Phase 11 daily gas production to hit 670mcf
Iranian Oil Minister Javad Owji said Phase 11 of the South Pars Gas Field development project will lead to production of 670 million cubic feet (mcf) of natural gas by September 21.
The minister noted that the development project of SP Phase 11 has been completely carried out by domestic companies, Shana reported on Wednesday.
Iran had previously awarded the development of the Phase 11 project to a consortium comprised of France’s Total, China National Petroleum Corporation (CNPC), and Petropars which is a subsidiary of the National Iranian Oil Company (NIOC), however Total and CNPC pulled out of the project in 2019 due to the US sanctions.
Currently, Petropars is developing the Phase 11 project after its partners left the contract.
The drilling operation for the first well of SP Phase 11 was officially started in December 2020.
Iran’s SATBA tenders for 4,000MW of solar power plants
The Renewable Energy and Energy Efficiency Organization (SATBA) of Iran said it has invited bids for the construction of 4,000 megawatts (MW) of solar power plants as part of a drive to increase its use of renewable energy and boost the country’s power grid.
The call for tender launched on June 15 is in line with the Ministry of Energy’s plan to establish 10,000MW of renewable power capacity in the country, Press TV reported.
According to SATBA, 85 companies selected from a pool of 106 applicants were invited to participate in the tender. It followed cooperation agreements signed between governorates and SATBA to decide the sites for setting up renewable power plants in accordance with the needs of each region and province.
As a result, 152 construction sites in 30 provinces were identified and introduced to investors “in the form of 95 baskets” for the construction of power plants at a minimum capacity of 10MW and a maximum of 250MW, general manager of SATBA legal affairs office and contracts Ahmadreza Tavakkoli said.
“This is a good opportunity for investors to build solar power plants,” he said.
In the tender, electricity purchase contracts are for 20 years and the return on investment for the construction of renewable power plants is six years, which can be reduced to four years, he added.
The renewable energy sector is booming in Iran. Despite being an energy superpower, the economy’s high reliance on oil has negatively affected Iran’s economic security and environmental sustainability. Coupled with facing the threat of climate change, Iranian policymakers have been compelled to prioritize environmental policy and utilize foreign investment and oil revenue to boost the country’s renewable energy sector.
Iran currently is producing less than one percent of its energy from renewable sources, where there are 900MW of power plants. The renewable energy sector comprises of mainly wind (310MW) and solar (390MW), with the rest related to hydropower and biomass.
Iran’s geography and climate are highly suitable for the various forms of renewable energy technology. According to studies, it is possible to supply 140,000 megawatts of electricity from renewables, including 100,000 megawatts from solar power plants and 40,000MW from wind power plants. But, the country has yet to reach the first milestone of 1000MW of installed renewables.
The administration of President Seyyed Ebrahim Raeisi has put a plan to build 10,000MW of renewable power plants on its agenda.
Iran’s two-month steel export up
Iran registered a 10 percent rise for the export of crude steel during the first two months of the current Iranian year (March 21-May 21), announced the spokesman of the Iranian Ministry of Industry, Mine and Trade on Wednesday.
Talking to IRNA, Omid Qalibaf said the country exported 1.066 million tons of steel ingots during the said period.
Iranian steel complexes exported 969,000 tons of crude steel during the two months to May 21, 2021, the official added.
According to recent figures released by the World Steel Association (WSA), Iranian steelmakers cast 9.1 million tons of crude steel in the first four months of 2022, marking an 8.9 percent drop compared to the corresponding figure for 2021.
China topped the world list of crude steel producers in the first four months of the current year, with an output of 336.2 million tons, while Iran stood at tenth place.
Iranian steelmakers churned out over 28.5 million tons of crude steel in 2021, according to statistics released by the WSA in January.
The statistics show a 1.8 percent drop for Iran compared to the corresponding figure for 2020, which stood at 29 million tons.
According to the Islamic Republic’s Vision Plan, the country’s total steel production capacity is to hit 55 million tons a year by 2025, with the exports figure expected to reach 10-15 million tons.
Iran paid for oil exports 90 days after delivery: Minister
Iranian Finance Minister Ehsan Khandouzi said the country receives revenues of its oil exports no later than 90 days from shipment delivery dates despite American sanctions that restrict both purchases of Iranian oil and the related payments.
In his remarks, Khandouzi suggested that Iran has been paid regularly for oil exports since the current administration came to office in Tehran in August, Press TV reported.
He said the government has also managed to access some of the funds that were used to be blocked in foreign bank accounts and were related to Iranian oil exports dating back to before 2018, when the US imposed its sanctions on Tehran.
The remarks come amid statements by senior government officials and media reports showing that Iran has increased its oil exports while being able to receive the revenues despite the US sanctions.
A Monday report by Reuters showed Iranian oil supply to China in May had accounted for nearly 7% of the East Asian country’s total crude imports over that month which amounted to 10.8 million barrels per day.
Iranian Oil Minister Javad Owji said on Tuesday that revenues derived from exports of crude, condensate, oil products, natural gas and petrochemical products had increased by 40% year on year in the three months to late June.
Owji announced the receipt of $1.7 billion from Iraq for natural gas supplies delivered to the Arab country over the past years.
Government authorities say they expect other customers of Iranian energy, including South Korea, to settle their debts and avoid blaming American sanctions for their inability to pay.
Iran has more than $7 billion worth of funds in two South Korean banks for supplies of crude and condensate that took place before 2018.
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