Connect with us

Business

Iran says gas flows to Turkey resume after being cut due to technical fault

Iran said on Friday its gas exports to Turkey have resumed after being cut a day earlier due to a technical fault, but a Turkish official said Iranian supplies were lower than the required volumes.

“Gas exports to Turkey, which had been suspended yesterday (Thursday, January 20) following a gas leak at a station on the Turkish side, have resumed,” the Iranian Oil Ministry’s news agency SHANA reported.

For the latest headlines, follow our Google News channel online or via the app.

“The brief pause in the gas exports to Turkey was due to the pressure-boosting station in Turkey needing to make adjustments to receive the gas after a fall in pressure,” SHANA said, without elaborating.

A sector official on the Turkish side said: “While it has to supply 28 million cubic meters of gas per day, Iran has been sending around 2-3 million cubic meters of gas and at low pressure.”

“The system is being disrupted due to the low amount and pressure, The compressor stations on the Turkey side are ready, operational, and there are no technical issues on the Turkish side,” the Turkish official told Reuters on Friday.

Iranian Oil Minister Javad Owji told state TV that Iran was supplying 10 million cubic meters per day, starting early on Friday, while repairs were being carried out to stop a leak.

Sector officials in Turkey said on Thursday that Iran had cut gas flows for up to 10 days due to a technical failure, prompting Turkish authorities to order gas-fueled power plants to cut gas use by 40 percent.

Turkey is almost fully dependent on imported gas from Russia, Azerbaijan and Iran. Iran alone provided 16 percent of Turkey’s natural gas needs in the first 10 months of 2021, according to the latest official data.

Iran has faced gas shortages at home because of record high consumption particularly for household heating in the winter cold and has had to cut supplies to cement plants and other industries.

Read more:

Turkey jacks up electricity, gas prices by 50-100 pct for New Year

Iran gas flow to Turkey cut by technical failure: Officials

Turkey passes law exempting converted lira deposits from corporate tax

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Business

Abu Dhabi’s Borouge petrochem firm secures anchor investors including India’s Adani

Abu Dhabi-headquartered petrochemicals firm Borouge said on Monday it secured seven cornerstone investors, including India’s wealthy Adani family for its $2 billion initial public offering (IPO).
The Abu Dhabi National Oil Company and Borealis’ joint venture set the offer price for its IPO at 2.45 dirhams ($0.67) a share, which implies an equity value of $20 billion, it said in a statement.

For the latest headlines, follow our Google News channel online or via the app.
Borouge said it secured a total commitment of about $570 million from Abu Dhabi state holding firm ADQ, the Abu Dhabi Pension Fund, the Emirates Investment Authority, India’s Adani family and entities controlled by International Holding Company, Multiply Group, and Alpha Dhabi.
Books for the initial public offering were covered in about an hour after opening, a bookrunner on the deal said. ADNOC declined to comment.
The company, whose products are used in items such as cars and food packaging, said last week that its offering will consist of approximately 3 billion existing shares, representing 10 percent of the company’s issued share capital.
Gulf oil producers are following in the footsteps of Abu Dhabi with plans to raise tens of billions of dollars through sales of stakes in energy assets, capitalizing on a rebound in crude prices to attract foreign investors.

Read more: ADNOC and Borealis to float 10 pct stake of joint venture polymer giant Borouge

Continue Reading

Business

Biden says he’ll review Trump’s China tariffs, fueling yuan rally

China’s offshore yuan extended its advance after US President Joe Biden said he’ll discuss tariffs on Chinese imports with Treasury Secretary Janet Yellen upon return from his Asia trip.

The currency jumped as much as 0.7 percent to 6.6549 per dollar, the strongest level since May 5. It had risen 1.5 percent last week, the most since 2020, in response to easing lockdowns in Shanghai. Sentiment was also boosted by the reduction of a key interest rate for long-term loans on Friday by Chinese banks.

For the latest headlines, follow our Google News channel online or via the app.

“A reduction of US-China tariff is taken to be positive for US-China relations and that translates to yuan gains,” said Fiona Lim, a senior currency analyst at Malayan Banking Bhd. “However, we are wary that mentions of tariff reduction have surfaced time and again,” she said.

Biden has maintained most of the tariffs imposed by his predecessor, Donald Trump, including duties on more than $300 billion in Chinese imports.

But the president has come under pressure from some economists and lawmakers and the US Chamber of Commerce to reduce or eliminate the tariffs with inflation running at the hottest pace in four decades.

US economists say lifting the tariffs would help to ease inflation, but aides within the administration don’t to want to suspend tariffs and risk appearing soft on China ahead of the November midterms.

Other Asian currencies along with the Australian dollar received a boost from Biden’s comments. The Aussie rose as much as 1.2 percent to 0.7126 per greenback at 3:01 pm in Hong Kong.

Any easing of tensions between US and China can set a more benign environment for constructive Aussie-Sino relations as well, Maybank’s Lim added.

Read more: Biden says willing to use force to defend Taiwan

Continue Reading

Business

Iran and Oman agree on panel to jointly develop shared oilfield: Fars news

Iran and Oman have agreed to form a committee to jointly develop the Hengam oilfield, which straddles both countries’ sea border, Iran’s semi-official Fars news agency reported its oil minister Javad Owji as saying on Monday.
In 2005, both countries signed a memorandum of understanding to jointly develop the Hengam oil field but the agreement did not materialize and Iran decided to develop the field independently in 2012.

For the latest headlines, follow our Google News channel online or via the app.

“As the first basis of my talks with Omani Oil Minister Mohammed bin Hamad Al-Rumhi, it was agreed to form a joint technical committee to develop the next phases of the Hengam oil field in a seamless manner between Iran and Oman,” Owji said.
“Joint exploitation, in contrast to competitive exploitation, will be mutually beneficial to both countries as this method leads to less damage to the reservoir and allows for more extraction,” the oil minister added.
Last week, Iran’s state news agency IRNA reported that Owji had agreed to revive a long-stalled project to lay an undersea pipeline to carry gas to Oman.

Read more: Iran to revive gas pipeline project to Oman: IRNA

Continue Reading

Trending