Iranian Minister of Petroleum Bijan Zanganeh said Total was not expected to pay a fine to Iran, but the amount that the company had already spent in South Pars Phase 11 project would not be repaid until the project becomes operational.

China imported Iranian crude at an average daily rate of 874,000 barrels last month, S&P Global Platts data shows, and, according to the agency, these will start declining now, with the August number representing the peak.

Irans Petroleum Ministry, under President Hassan Rouhani, inaugurated 11 conventional phases of the giant South Pars gas field (12, 15, 16, 17, 18, 19, 20 and 21) without any foreign help.

A member of the Iranian parliament said, "During eight years of the imposed war, we managed to export our oil in any way, and oil production never stopped.

Demand for natural gas is growing on the global scale. Over 20 years to come, the energy mix is set to tilt towards gas.

Iranian President Hassan Rouhani said oil, gas and petrochemical industries are at the forefront of the economic and psychological war against the Iranian nation.

Despite repeated threats by US officials to reduce Iran’s oil exports to zero, many experts believe that Iran’s oil could not be slapped with an embargo.

ICOFC recently introduced opportunities for investment under the newly developed IPC format. Phase 2 of Aghar gas field is one of these lucrative projects for foreign investment.

The National Iranian Oil Company (NIOC)s Director of Investment and Business says: "Despite Washingtons desire, this year, activities in Irans petroleum industry, especially in the upstream sector, will bolster."

Chemical engineers testing methods to improve efficiency of diesel engines while maintaining performance are getting help from a summer staple: Tiki torches.