Month: July 2020

China Inks Military Deal With Iran Under Secretive 25-Year Plan

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Last August, Iran’s Foreign Minister, Mohammad Zarif, paid a visit to his China counterpart, Wang Li, to present a roadmap on a comprehensive 25-year China-Iran strategic partnership that built upon a previous agreement signed in 2016. Many of the key specifics of the updated agreement were not released to the public at the time but were uncovered by OilPrice.com at the time. Last week, at a meeting in Gilan province, former Iran President Mahmoud Ahmadinejad alluded to some of the secret parts of this deal in public for the first…

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Siemens Gamesa launches SG 3.4-145 wind turbine in India

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Siemens Gamesa Renewable Energy announced that it has launched its new turbine, the SG 3.4-145, into India’s onshore wind market. Siemens said that the new wind turbine is specifically designed and optimized for wind conditions in India and aims to deliver the lowest possible Levelized Cost of Energy (LCoE) with high reliability. The new wind turbine is an extension of the Siemens Gamesa 3.X platform, which the company will be manufacturing starting in early 2021. The new model has been upgraded with the 145-meter rotor of the Siemens Gamesa 4.X…

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Iran’s Oil Storage Almost Full as Sanctions and Pandemic Weigh

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Iran has slashed crude oil production to its lowest level in four decades as storage tanks and vessels are almost completely full due to a fall in exports and refinery run cuts caused by the coronavirus pandemic, industry data showed. Total onshore crude stocks surged to 54 million barrels in April from 15 million barrels in January, and swelled further to 63 million barrels in June, according to FGE Energy. Market intelligence firm Kpler estimated Iranian average onshore crude storage for June to be around 66 million barrels. That is…

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Gulpur power project starts operation

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LAHORE: The Gulpur hydroelectric power project has started certified commercial operation and is producing cheap electricity for the national grid, announced Nespak Managing Director Dr Tahir Masood. Gulpur is a run-of-the-river hydroelectric power generation project located on Poonch River, a major tributary of Jhelum River near Gulpur, Kotli district, Azad Kashmir. Project financing was provided by Korea Exim Bank, the Asian Development Bank (ADB), International Finance Corporation (IFC), Islamic Development Bank and ECO Bank. The project has the capability of generating, on average, 102 megawatts of electricity. It was completed…

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Govt Orders All Petrol, Diesel Imports be Euro V Compliant As Oil Companies Protest Move

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ISLAMABAD: Amid protest and resistance by the oil industry, the gov-ernment has ordered ban on import of petrol and diesel of less than Euro-V standard with effect from Aug 1, 2020 and Jan 1, 2021 respectively. This has put the oil industry and the authorities in yet another conflict when the two sides were already poles apart on petroleum pricing mechanism and maintenance of 20-day stocks, leading to serious supply disruptions in the recent months. The oil industry has expressed ina-bility to abide by the fresh instructions, particularly because of…

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