Iran yesterday named seven western oil companies that it would like to see invest in Iran’s vast oil and gas sector once international sanctions are lifted.
The Iranian oil minister Bijan Zanganeh named in order: Total of France, Anglo-Dutch Shell, Italy’s Eni, Norway’s Statoil, Britain’s BP and the US companies Exxon and Conoco.
Speaking to reporters at Opec’s meeting in Vienna yesterday, he said he was already talking with some companies but so far not those from the United States.
“We had no limitations for US companies,” said Mr Zanganeh. “Twenty years ago there were limitations against them from their own administration. For doing projects in Iran, we have no limitations.”
He made no mention of Russian, Chinese or Japanese companies or those of other nationalities.
Last month, Iran reached an interim deal with six western powers to limit its nuclear programme that may result in sanctions on oil investment and trade with Iran being lifted next year.
As a group, the Opec ministers agreed yesterday to keep the organisation’s crude output target unchanged, Saudi Arabia’s Ali Al Naimi said.
“We have rolled it over,” the kingdom’s oil minister said after the closed-door talks.
The 30 million barrel-a-day target for the 12-nation group adequately matches demand and is unlikely to change much in 2014, Suhail Al Mazrouei, the UAE’s Minister of Energy, said shortly before the talks began.
Some analysts warn that excess supply, including US shale oil and a potential resurgence in exports from Iran, Libya and Iraq, may push prices lower next year if production cuts are not made. Brent crude has settled above $100 a barrel for all but five days so far this year.
Mr Al Naimi said that 30 million isn’t too much for Opec’s target. “No, no, is enough,” the minister said when asked about it.
He also said there is no need for Saudi Arabia to cut its own production level. The kingdom is Opec’s biggest oil exporter and produced 9.65 million barrels a day last month.
* Bloomberg News and Reuters
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
When Umm Kulthum performed in Abu Dhabi
Known as The Lady of Arabic Song, Umm Kulthum performed in Abu Dhabi on November 28, 1971, as part of celebrations for the fifth anniversary of the accession of Sheikh Zayed bin Sultan Al Nahyan as Ruler of Abu Dhabi. A concert hall was constructed for the event on land that is now Al Nahyan Stadium, behind Al Wahda Mall. The audience were treated to many of Kulthum's most well-known songs as part of the sold-out show, including Aghadan Alqak and Enta Omri.
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Business Insights
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Killing of Qassem Suleimani
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Sustainable Development Goals
1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
7. Ensure access to affordable, reliable, sustainable and modern energy for all
8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
17. Strengthen the means of implementation and revitalise the global partnership for sustainable development
More on Quran memorisation:
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Three stars
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A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed