Ahead of a new round of multifaceted talks between Iran and the six world powers (P5+1), a senior Iranian lawmaker says they must accept the Islamic Republic as a “nuclear reality” as Tehran will not stop in its path to progress.

“As a sovereign and resolute nation, Iran is striving to tread the path in order to make nuclear progress within the framework of the international laws and regulations in a rapid manner and will not allow any stop in its way,” Deputy Chairman of Iran Majlis Energy Committee Nasser Soudani said Monday.
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The Iran Offshore Oil Company (IOOC) struck a $ 3.8 billion deal on Tuesday with Iran’s Power Projects Management Company (MAPNA) for the development of the Persian Gulf's Forouz B gas field and an associated gas-fired power project.

MAPNA Managing Director Abbas Aliabadi was quoted by the Shana news agency as saying that the field holds around 28 trillion cubic feet of in-situ natural gas and 180 million barrels of gas condensates.

Aliabadi said the development plan, which is set for completion within five and a half years, aims to produce"...

Iran's biggest tanker operator NITC will shortly settle loans owed to French Bank BNP Paribas and is confident it can weather growing turmoil in the sector and the threat of sanctions, the group's new chief said.

Industry sources told Reuters in November that NITC was in talks with BNP Paribas over the repayment of hundreds of millions of dollars in loans using Iranian funds held in South Korea.

"This is a voluntary repayment which is in progress and will be settled soon," Hamid Behbahani, who took the helm as chairman and chief executive in"...

Oula Fuel Marketing announced in a press release on Tuesday the introduction of Ambient Air Quality Monitoring (AAQM) at selected Oula stations in Kuwait. AAQM is a means of testing the air quality in Oula's stations to ensure the air quality meets the Kuwait Environmental Protection Agency and international safety standards. The monitoring process is done by taking a sample of several stations, bringing in a Mobile Laboratory to monitor the air quality for three continuous days, testing for dust levels, NO2, SO2, BTEX and other potential air pollutants.

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Saudi Arabian Mining Co (Ma’aden) plans to invest SR21 billion ($5.6 billion) in a phosphate project as part of a new industrial city in the country’s north, the company’s chief executive was quoted Tuesday by Saudi state media as saying.
Saudi Arabia’s cabinet approved in its weekly cabinet Monday the establishment of a new industrial city in the country’s north - Waad Al-Shimal City for Mining Industries in which the new project in Umm Wual would be located.

Ma’aden said recently the preliminary feasibility study to exploit phosphate deposits at...

Tehran is considering extending its oil embargo to other European countries if hostile policies continue against Iran.

Iran official news agencies quoted the head of the state oil company Ahmad Qalehbani as saying that Iran would stop selling crude to nations who take action against Tehran.

The Iranian oil official warned that the stoppage was due because of hostile policies and those countries must bear responsibility for their action.

Countries effected by the embargo will be Spain, Holland, Greece, Germany, Italy, Portugal, following the already made embargo against...

HE the Prime Minister and Foreign Minister Sheikh Hamad bin Jassim bin Jabor Al Thani has called for adopting a post-oil strategy, suggesting that some of the oil returns should be invested in clean energy scientific research. '' This step should be one of the main priorities of GCC countries'', said HE the prime minister and foreign minister on his address before the inaugural session of the 2012 Doha Brookings Conference for Energy in Doha on Monday.

HE the Prime Minister further that it is not sufficient that each country works unilaterally on its clean energy plan, adding that despite...

Managing director of the Iranian Oil Terminals Company (IOTC) says Iran has provided necessary facilities to increase oil swap with Central Asian countries through its northern oil terminal.

Seyyed Pirouz Mousavi said Monday that IOTC is ready to increase oil swap operations between Iran and its oil-producing neighbors in Central Asia.

The official stated that the company gives priority to upgrading its oil swap terminal in Neka, in northern Iran, as the starting point of a major pipeline project which will connect Neka to the port city of Jask"...

Iran has stopped sales of crude oil to French and British companies, the oil ministry has said, pre-empting the European Union's embargo on crude purchases from Iran.

The retaliatory move is largely seen as a symbolic gesture given the low level of exports to both France and the UK and given that Iran's sales to its main customers will continue, experts say.

Alireza Nikzad, a spokesman for Iran's oil ministry, announced on Sunday that Iran had replaced companies from the two countries with "new customers". He gave no further details.

Last month, the EU banned its member states...

Iran exchanged some 1.8 gigawatts (GW) of electricity with the neighboring countries on February 17, ILNA news agency reported.

Armenia was the main exporter of power to Iran and Iraq was the main importer with 284 megawatts of export and 1,054 megawatts of import, respectively.

Iran plans to connect its national power electricity grid to Russia by the next calendar year which will end on March 20, 2013, Iran power generation transmission and distribution management company (TAVANIR) managing director said in January.

Iran will exchange up to 15 billion kilowatt hours (BkWh)...