Two billion barrels of shale oil reserves discovered in Iran’s western province

Iran has found shale oil reserves of 2 billion barrels of light crude in its western Lorestan province, a senior official at the state-run National Iranian Oil Company (NIOC) was quoted as saying on Saturday. “Based on studies, it is estimated that the shale oil reserves in Ghali Koh in Lorestan amount to 2 billion… Read More Two billion barrels of shale oil reserves discovered in Iran’s western province

Firefighters killed as high-rise building collapse in Tehran, Iran

At least 20 firefighters were killed when a 17-storey Tehran commercial building collapsed on top of them as they tried to put out a blaze, Iranian state television quoted the city’s mayor as saying on Thursday. Soldiers, sniffer dogs and rescue workers were searching the ruins of the Plasco building after it crashed down in… Read More Firefighters killed as high-rise building collapse in Tehran, Iran

Oil price hikes above $40/barrel; oil producers plan meeting

Oil prices rose above $40 a barrel on Wednesday, driven by anticipation that the world’s largest exporters could agree this month to freeze production and help erode the largest global build in unwanted crude in years. Producers in and outside the Organization of the Petroleum Exporting Countries plan to meet in Moscow on March 20… Read More Oil price hikes above $40/barrel; oil producers plan meeting

Iran, Airbus sign $25billion deal for supply of 118 planes

Iran signed a deal worth $25bn (equivalent: €22bn; £17.4bn) to buy 118 Airbus planes  at list prices in one of the biggest deals signed since Western sanctions against Tehran were lifted. The agreement was signed during a visit by Iranian President Hassan Rouhani to France. The order included 73 wide body and 45 narrow body… Read More Iran, Airbus sign $25billion deal for supply of 118 planes