(TEHRAN, Iran.) Iran will sign three oil deals before the end of the current Persian year this month which will include operation of the fields for 20 years, Managing Director of the National Iranian Oil Company (NIOC) said on Saturday #AceFinanceDesk reports

#AceFinanceReport – Mar.03: “North Azadegan is our first experience” for development under the new Iran Petroleum Contract (IPC) model, Ali Kardor told the international exploration and production conference, Iran E&P 2018, in Tehran: Kardor did not name the other fields, nor the companies which are about to develop the fields……..China National Petroleum Corp (CNPC) brought online the first phase of North Azadegan with 75,000 barrels per day (bpd) of output more than a year ago #AceFinanceDesk reports

North Azadegan is Iran's first experience for development under the new Iran Petroleum Contract (IPC) model, NIOC Managing Director Ali Kardor says.

North Azadegan is Iran’s first experience for development under the new Iran Petroleum Contract (IPC) model, NIOC Managing Director Ali Kardor says.

Iran had asked international companies to bid for the second phase of development of Yadavaran and North Azadegan oilfields last year, with officials saying France’s Total, Malaysia’s Petronas, and Japan’s Inpex Corp. had presented technical surveys……..Royal Dutch Shell, Italy’s oil and gas group Eni, and China National Petroleum Corp (CNPC) were also interested in the tender, they said.

56da8268-edf3-45f8-be87-6f7abadd1a37.jpgIran’s Ministry of Petroleum expects to seal energy contracts worth more than $20 billion this year despite the threat of new US sanctions: The first phases of the Yadavaran and North Azadegan fields as well as the North Yaran field were officially launched by President Hassan Rouhani in November 2016: Yadavaran was launched with a production of up to 115,000 bpd and around $2 billion of investment by China’s Sinopec……….Yadavaran has reserves of 31 billion barrels of light and heavy crude oil while North Azadegan has 5.7 billion barrels of crude reserves……..For the second phases, Chinese companies were told to compete with other firms after they asked to have their contracts extended, Iranian officials said last year…….The first phases of the oilfields were carried out under the buy-back deals which have been phased out and replaced with the IPC model of contracts.

65c39173-720e-407f-8c3d-50f618acf4ba.jpgIran is touting its new energy contract model, hoping to attract foreign investment to its vast oil and gas sector after the removal of sanctions: Iranian officials have described the IPC a more attractive contract than the buy-back scheme but Kardor said the new framework had not met their expectations: “We expected more deals to be signed,” he said, complaining that the process of receiving licenses for new contracts was time-consuming………“In the new contracts, the winners of the contracts will take over the operation of the field for 20 years,” Kardor said.

Buy-backs were production deals under which foreign companies recouped their costs via exports of oil and gas: Minister of Petroleum Bijan Zangeneh has said buy-back deals were not suitable any more for Iran which needed enhanced recovery modalities to revive its ageing oilfields: Iran to sign three oil deals this month according to an official.

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MARKET REPORT: #US Hit another low on Friday as at least 280-points wiped off the #Dow after Thursday drop o f 420 as Wall Street reacts to Donald Trumps tariffs on ‘ Steel & Aluminium ‘ and manufactur ers and exporters react with cries of protectionism: But at least two corners of the stock market cheered Tr ump’s tariff announcement. U.S. Steel (X) and AK Steel (AKS)soared 6% and 10%, respectively………Century Aluminum (CENX) also spiked 7%. Another major aluminum maker, Alcoa (AA), gained 1%. #AceFinanceDesk reports

#AFNews – 03/03/18: The #Dow opens down 280 points as trade war fears rattle Wall Street for a second day. #Dow dropped 420 points on Thursday after President Trump said his administration will impose tariffs on steel and aluminum imports. The Nasdaq and the S&P 500 declined 1.3% apiece #AceFinanceDesk reports

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The Dow opens down 280 points as trade war fears rattle Wall Street for a second day. http://cnnmon.ie/bkgnews Trump’s controversial tariff announcement caught investors off guard and immediately raised concerns about retaliation from China or other major U.S. trading partners……………….The Dow drops more than 500 points after Trump’s tariffs announcement sets off fears of a trade war… https://t.co/Otianm1EXa President Trump says the US will impose tariffs on steel and aluminum next week…………….The highly controversial action directly takes on No. 1 steel exporter China http://cnn.it/2F3fInf pic.twitter.com/AYwVWRdsjj ……..Corporate America has warned Trump that tariffs could backfire. Last month, the Business Roundtable warned of the risk of “foreign retaliation” that would “harm the U.S. economy.”

Investors will be looking to see how U.S. trading partners react to the tariffs.

Beyond worries about retaliation, the tariff news drove concerns about rising costs for companies that rely heavily on aluminum and steel, like auto and plane makers. Imports make up about a third of the steel American businesses use every year, and more than 90% of aluminum used here. Shares of Boeing (BA) fell 3% General Motors (GM) dipped 4%, and Ford (F) dropped 3%.

Related: NY Fed chief: Tariffs risk ‘trade war’

If the tariffs result in higher prices on steel and aluminum, companies that rely on those products may pass on some of the costs to consumers. That raises the specter of creeping inflation………..”This clearly will [lead to] higher prices in the production chain, which is part of the inflation path,” said Quincy Krosby, chief market strategist at Prudential Financial.

The timing of the tariff news surprised Wall Street. A formal announcement was expected at some point Thursday, but then it was called off. Later, Trump mentioned his tariff plans in a hastily arranged listening session with steel and aluminum executives. And he didn’t provide crucial details, such as whether certain countries will be exempted…….Concerns about trade come at an already shaky time on Wall Street. The S&P 500 and Dow fell about 4% in February, their worst month in two years. Fears about inflation and soaring bond yields caused a surge in volatility, including two 1,000-point plunges for the Dow.

The market had come back as investors focused on the strong economy and booming corporate profits. But stocks fell sharply again on Tuesday and Wednesday, putting the Dow back in negative territory for the year………Turbulence has picked up as well. The VIX (VIX) volatility index spiked 15% on Thursday. Selling pressure will climb as volatility increases, Krosby said: Trump’s tariff moves could force investors to confront another trade issue: NAFTA. Trump has repeatedly threatened to tear up this major trade deal with Canada and Mexico. Talks to renegotiate NAFTA, a major piece of the U.S. economy, have so far failed to produce a solution.

“It sets off the protectionist fears that had been lying dormant,” said Hogan.

— CNN’s Jeremy Diamond contributed to this report: CNNMoney (New York) #AceFinanceNews

Editor says #AceNewsDesk reports & #Brittius says are provided by Sterling Publishing & Media News and all our posts, links can be found at here https://t.me/acenewsdaily and thanks for following as always appreciate every like, reblog or retweet and free help and guidance tips on your PC software or need help & guidance from our experts AcePCHelp.WordPress.Com or you can follow our breaking news posts on AceBreakingNews.WordPress.Com or become a member on Telegram https://t.me/acebreakingnews