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Saturday, 11 July 15
MAJOR IRANIAN GAS EXPORTS WILL TAKE AT LEAST FIVE YEARS - FITCH
 Iran has the long-term potential to become one of the world's top gas producers, thanks to its 34 trillion cubic meters (tcm) of natural gas reserves, or around 18% of the world's total, Fitch Ratings says. But even if international sanctions on the country are lifted, it will take at least five years to ramp up production and build the pipelines necessary to become a large gas exporter. The higher cost and complexity of liquefied natural gas (LNG) projects means significant LNG exports would take a decade or longer to materialize.
From 2005 to 2014 Iranian gas production increased nearly 70% to around 173 billion cubic meters (bcm). The International Energy Agency (IEA) estimates that Iran currently exports only about 9 bcm to Turkey, Armenia and Azerbaijan. Historically, Iran has never been a major exporter of natural gas, with most of its limited exports going to the former USSR in the late 1970s.
Several significant gas projects in Iran are in different stages of implementation. Iran's share in estimated proven reserves of the giant South Pars gas field is about 14 tcm, while its current production capacity is only about 107 bcm. The IEA expects 67 bcm of additional capacity to be commissioned at South Pars before the end of this decade. Another major project is the North Pars field with estimated reserves of 1.3 tcm. In 2006, the China National Offshore Oil Corporation signed a USD16bn deal to develop North Pars and build a 20 million tons per annum LNG plant. We understand that because of the international sanctions these and other export-oriented projects are experiencing substantial delays as most foreign oil companies have stopped dealing with Iran.
In the meantime, Iran's gas consumption has increased dramatically, rising 66% between 2005 and 2014 to 170 bcm. This rate of growth has been second only to China and has made Iran the world's fourth biggest gas consumer behind the U.S., Russia and China. We therefore expect a significant part of the newly commissioned capacity over the next few years to continue serving the domestic market.
Iran is planning a number of gas export pipelines pending the removal of international sanctions. One example is IGAT-9, a 35 bcm per year pipeline that Iran plans to use to send gas from South Pars to Europe via Turkey. There are currently no transit pipelines in Turkey to deliver gas to the European markets. The only pipeline currently under construction there, the 16 bcm Trans-Anatolian Natural Gas Pipeline (TANAP) is scheduled for completion by 2019 and would bring 10 bcm of Azeri gas via Turkey and Greece to Italy via another yet-to-be-constructed Trans Adriatic Pipeline (TAP).
While it may be possible to increase the throughput of TANAP and TAP to accommodate Iranian gas by building one or several gas compression stations, we estimate that such construction as well as gas production ramp-up in Iran could take several years. Therefore, Iran could become a large gas exporter by the end of this decade at the earliest. Developing LNG capabilities is more costly and would probably take longer, and we do not expect Iran to export large volumes of LNG before mid-2020s.
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Friday, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- MS Steel International - UAE
- VISA Power Limited - India
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Minerals Council of Australia
- Videocon Industries ltd - India
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Planning Commission, India
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
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