Iran's energy sector review

With the passing of 15 months from Iran's former Mine and Industry Minister Eshagh Jahangiri's statement about Ahmadinejad administration's $450 billion oil crude revenues until March 2011, former deputy of Iran's oil minister Akbar Torkan updated the figure on Aug.4, saying Iran's oil revenues during Ahmadinejad's seven-year long two terms of the presidency (from June 2005 till now) has totalled to $531 billion. It is now 103 years after the first crude oil production from Iran's Masjed Soleyman oilfield, a project which became operational after seven years of excavation starting in 1901. Mehr News Agency quoted Torkan as saying the country's total oil incomes since 1908 have amounted at $1116 billion, including $140 billion until the Islamic revolution occurred in 1979 and $976 billion afterwards. Iran's crude stats during Ahmadinejad's presidency published by OPEC Iran oil revenues/ billion USD oil output/ mbpd Oil export/ mbp

China's 3.3 billion worth LNG refining facility construction contract with Iran was suspended last day. It was Iran's sixth suspended LNG project and aimed at producing 10.5 million tons of LNG per year. Iran says the major problem is the lack of finance power of the Chinese consortium which media outlets previously identified it as Chinese SINOC group. In the fourth 5-Year National Develop Plan (2005-2009), the country aimed to produce 70 million tons of liquefied natural gas (LNG) from the South Pars, North Pars, Ferdosi and Golshan gas fields by launching six LNG production facilities. After cancelling Iran's LNG project contracts with French Total, Spanish Repsul, Dutch-British Shell and Malaysian Petronas until 2008, Iran practically lost as much as 27 million tons of its LNG production capacity. After that in 2008, Iran signed $25 billion worth of contracts to develop its gas fields and produce LNG with the Chinese SINOC group, Chinese CEPA, Polish state