Iran targets USD 6 billion annual exports to Iraq

Mehr News Agency reported that Iran plans to export USD 4 billion worth of goods and USD 2 billion worth of technical engineering services and energy in the current Iranian calendar year to Iraq. Mr Seyyed Ali Mousavi GD of Tehran province commerce department said that Iraq annually imports Sourse: More Info

Tabriz Petrochemical Complex quarterly exports up 140pct YoY

Mehr News Agency reported that the value of Tabriz Petrochemical Complex exports in the first 3 months of the current Iranian calendar year surpassed USD 19 million, showing a 140% increase in comparison to the same period 2008. SHANA reported some 20,000 tonnes of petrochemical products Sourse: More Info

Zamil Offshore launches diving support vessel

Menafn reported that Zamil Offshore Services has achieved another milestone by inaugurating the diving support vessel ‘Algosaibi 51, built especially for Khalifa Abdulrahman Al Gosaibi Diving Company. This represents the first contract with the Saudi private sector. The ship is 49 Sourse: More Info

Malaysia and China to develop Iranian Resalat oilfield

Tehran Times reported that Malaysian Amona Company, China Oilfield Services Limited and China National Offshore Oil Corporation will cooperate in the development of Resalat oilfield. Mr Mahmoud Zirakchianzadeh MD of Iranian Offshore Oil Company said that Iran and Malaysia’s Amona Sourse: More Info

Yadavaran oilfield begins early production

Mehr News Agency reported that early production of Yadavaran oilfield in Khuzestan Province started with a daily capacity of 20,000 barrels. SHANA quoted the oil field’s development project manager as saying that the project is now in the Front-End Engineering and Design stage and is Sourse: More Info

ADNOC to deepen cuts for August supply

Reuters quoted trade sources as saying that Abu Dhabi National Oil Company will slightly deepen cuts on its main crude grades to Asia in August. ADNOC, the main oil producer in OPEC member the United Arab Emirates will supply Murban, Lower Zakum, Umm Shaif and Upper Zakum crudes at 19% Sourse: More Info

Macroeconomic indicators -Oman inflation down for 6th straight month

Reuters quoted the Ministry of National Economy said on Monday said that annual inflation in Oman fell for a 6th straight month to 3.9% in May, the lowest rate in 31 months. Inflation fell from 4.9% in April. The ministry did not give a breakdown of the figure. Inflationary pressures have Sourse: More Info

Aramco and Dow seek partners for petrochem JV

Reuters reported that Saudi Aramco and Dow Chemical are looking for firms interested in building the first stage of a giant JV petrochemical complex in the kingdom. A source at a contracting firm that received the offer said that “They issued a solicitation of interest a few days ago. Sourse: More Info

ECGC sees claims raising to INR 550 crore this fiscal

BL reported that the Export Credit Guarantee Corporation will examine claims worth INR 300 crore from the gems and jewellery sector on account of payment defaults by importers. During this period, ECGC has already paid INR 53 crore towards guarantees invoked in the textiles sector in the He Sourse: More Info

Ras Al Khaimah creates real estate regulator

Reuters reported that Ras Al Khaimah Investment Authority created a property regulator to safeguard investors and ensure construction funds are not misused. The government body said that Rakia Real Estate Regulatory Authority will oversee the implementation of the escrow account law for Sourse: More Info