(IRAN/VENEZUELA) Oil Price Report: According to these sources, the ‘oil swaps’ are set to begin this week and last for six months, although they could be extended #AceNewsDesk report

#AceNewsReport – Sept.29: The imports of Iranian superlight crude will help Venezuela revive its falling oil exports amid U.S. sanctions that, among other problems, have cut off the country’s access to the light oil that is used to blend with its superheavy to make it exportable…….

#AceDailyNews says according to a report that Iran and Venezuela have struck a deal to swap heavy Venezuelan crude for Iranian condensate, Reuters has reported, citing unnamed sources familiar with the deal……

By Irina Slav – Sep 27, 2021, 10:30 AM CDT

For Iran, the deal will bring in heavy crude it could sell in Asia, the Reuters sources also said. The diluted Venezuela crude will also likely go to Asian buyers.

Reuters also reported that, according to the U.S. Treasury Department, the deal could constitute a breach of sanctions, to which both Venezuela and Iran are subjects.

“Transactions with NIOC by non-U.S. persons are generally subject to secondary sanctions,” the Treasury Department said in response to a Reuters request for comments on the deal. It added that it “retains authority to impose sanctions on any person that is determined to operate in the oil sector of the Venezuelan economy.”

Despite the sanction noose, Venezuela has been ramping up its oil exports, generating vital revenue. According to a recent Reuters report, the country, which is home to the world’s largest oil reserves, exported more than 700,000 bpd of crude in July—the highest daily export rate since February.

Most of the oil went to China and Malaysia, although the latter is usually only a stop along Venezuelan oil’s trip to China. The same report noted that three of the five crude oil blending facilities in the Orinoco Belt were operational, and another crude upgrader was preparing to restart operations after a year’s pause.

Iran, meanwhile, recently revealed plans to attract some $145 billion in oil and gas investments from both local and foreign sources.

“We plan to invest $145 billion in the development of the upstream and downstream oil industry over the next four to eight years, hence I welcome the presence of domestic and foreign investors in the industry,” Javad Owji, Iran’s new oil minister, said during a meeting with executives from China’s oil giant Sinopec.

By Irina Slav for Oilprice.com/

#AceNewsDesk report ……….Published: Sept.29: 2021:

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#deal, #iran, #iranian, #oil, #swaps, #venezuela

‘ AUSTRALIA & CHINA SIGNED PRELIMINARY FREE TRADE AGREEMENT ‘

#AceNewsServices – Nov.17 – Australia and China have signed a preliminary deal after almost a decade of free-trade negotiations, CHFTA said.

' AUSTRALIA & CHINA SIGN PRELIMINARY FREE TRADE AGREEMENT '

‘ AUSTRALIA & CHINA SIGN PRELIMINARY FREE TRADE AGREEMENT ‘

The agreement will give Australia’s service industry unsurpassed access to the Chinese market and agriculture advantages over competitors from the US, Canada and the EU.

A declaration of intent signed by trade ministers and witnessed by Chinese President Xi Jinping on Monday concluded negotiations that began in 2005.

Trade Minister Andrew Robb says the pact would be signed next year.

It will take effect as early as March if endorsed by the Australian Parliament.

Timeline of Events: PDF Here:  

#ANS2014 

#deal, #free-trade, #market

WASHINGTON: ‘ GOP THREATEN TO BLOCK OBAMA’S OWN TERMS IRAN NUCLEAR DEAL ‘

#AceWorldNews – Republicans are flexing their muscles and threatening to block President Obama from cutting a nuclear deal with Iran on his own terms.

International negotiators have until Nov. 24 under an interim agreement to reach a deal with Tehran that would curb its nuclear program in exchange for sanctions relief, or seek another extension of talks.

By Kristina Wong @ The Hill

#ANS2014   

#deal, #iran, #nuclear

” Switzerland will not be able to sign a `Labour Market Pact’ with Croatia following a Shock Referendum”

#AceWorldNews says after immigration vote, Swiss have to rework Croatia labour deal according to ZURICH (Reuters).
Switzerland has told the newest European Union member, Croatia, that it will not be able to sign a labour market pact as planned on July 1, following a shock referendum vote in favour of immigration curbs.

#croatia, #deal, #european-union, #immigration, #labour, #reuters, #switzerland, #zurich