Iran announces major oil find in Gulf

“This is one of the biggest layers of oil in the country and it is under the reservoir of the Ferdowsi offshore gas field.” – File Photo

TEHRAN: An Iranian state energy firm has announced a major discovery of around 34 billion barrels in associated oil reserves at an offshore gas field in the Gulf, official media reported on Monday.

A huge oil layer has been found in coastal waters near the southern port city of Bushehr, said Ali Vakili, managing director of Pars Oil and Gas Co, quoted by Iran’s state-run television website.

Iran to sue over European refusal to refuel planes: airline

A clergyman sits in Tehran’s old main bazaar, Iran, Saturday, Oct. 30, 2010. Iranian officials are acknowledging that international sanctions imposed on the country over its nuclear program have dramatically increased the cost of living, but they say the penalties will ultimately prove futile. – AP Photo

TEHRAN: Iran is taking legal action in The Hague against global oil majors who are refusing to refuel its Europe-bound flights under US pressure, a top aviation official said on Saturday.

“Iran, through appropriate channels, is taking legal measures and the issue has been raised in The Hague tribunal and lawyers have been appointed to pursue the issue,” Farhad Parvaresh, chief executive of state carrier Iran Air, was quoted as saying on official news agency IRNA.

He did not specify before which court in the Netherlands the suit was being lodged.

Changes in OGDC management planned

ISLAMABAD: The government is working on a plan to change the management of the Oil and Gas Development Company to improve its performance and increase oil and gas production.

Stating this at a news conference on Thursday, Minister for Petroleum and Natural Resources Syed Naveed Qamar said that the problem of gas shortage currently affecting many aspects of public life was because of haphazard expansion of the consumer base and failure of taking up projects required for additional energy supply over the past few years.