According to press office of Petroleum Conference – Iran 2016, Ahmad Dost Hosseini stated that the reason for the existence of the National Development Fund is to convert a part of the national income to productive and expressive national investment while preserving the share of future generations. One part of this wealth comes from oil revenues which amounts to a minimum of 20% of revenue and should be increased annually.
Dr. Seyed Hamid Hosseini – Head of the Petroleum Conference-Iran 2017: The Oil and Gas sector has historically been the key driver of Iran’s economy. At this time, in order to jump start the economy, we need to utilise the high potential this sector can offer. We believe that by removing long existing barriers, an injection of both national and international investments will allow the oil and gas sector to return to the traditional driving force it enjoyed and also assist other sectors of the Iranian economy.
Chairman of the Iran Parliament, supporting the Petroleum conference through private sector
Chairman of the Iran Parliament, Dr Ali Larijani is supporting the helpful ideas for developing the private sector and his welcoming the basic ideas of holding the petroleum conference in convergence of the private sector.
According to the press office of Petroleum Conference, Dr. Gholamreza Nouri, House deputy chief of communication in the meeting with steering committee representatives of petroleum conference, welcomed the convergence of private sector organizations.
The united voice of iran petroleum industry
Downstream & Midstream private sector
international Strategic Confrence & Exhibition
30th Jan – 01 Feb 2017 , IRIB International Conference Center , Tehran, Iran
Abu Dhabi National Oil Company (Adnoc) announced plans to integrate the operations of three of its shipping, marine and services companies into a single entity as the company moves ahead to consolidate its operations due to low oil prices
The integration is expected to be completed by the end of the next year under a steering committee formed by Adnoc. (Image Source: tpsdave/Pixabay)
The Abu Dhabi National Tanker Company (Adnatco), Petroleum Services Company (Esnaad) and Abu Dhabi Petroleum Ports Operating Company (Irshad) will be integrated to drive efficiency, optimise resources and assets across their various operations to maximise value, Adnoc said in a statement.
UAE Minister of State and Adnoc Group CEO Sultan Ahmed Al Jaber said, “This consolidation is aligned with our long-term vision and the core pillars of our business strategy, focused on efficiency, performance, profitability and people. “By leveraging the experience and assets across the three companies, we aim to deliver an improved and cost-effective service to meet the needs of the Adnoc Group.”
The new entity will operate over 165 vessels, including LNG vessels, bulk carriers, chemical and products tankers, container and container-feeder vessels, as well as modern multi-purpose vessels and support vessels.
The National Gas and Shipping Company (Ngsco), in which Adnoc owns a 70 per cent stake, will remain a separate firm. Adnoc, however plans to transfer its Ngsco shareholding to the new company, and integrate its operations to maximise potential synergies.
The invitation was announced at the 2nd Iranian Petroleum and Energy Club Congress & Exhibition (IEPC 2016) in Tehran by PGPIC managing director of Adel Nejad-Salim.
Welcoming financing by foreign investors and Iranian commercial institutions, Nejad-Salim said that Iran is now well prepared to welcome joint venture investment by the Iranian and foreign companies. He pointed out the country’s location on the seashore, its young experts and diversity in feedstock as advantages for investment in the petrochemical industry.
“Such projects as NGL 3200, Hengam, Hormuz, Apadana and Bid Boland are now in the commissioning stage, needing investment,” he added.
He also pointed out that the company is willing to attract investment and that there is possibility for cooperation with Iranian and foreign entrepreneurs in the form of shares of the active companies or the shares of the projects now commissioned as well as finance.He quoted the budget needed for commissioning of 15 projects as US$6.2bn; that of the engineering projects at four billion dollars and the projects under study at five billion dollars.
He noted that through production of diversified products and petrochemical feedstock, the investment basket can be made less risky.