Construction of Pakistan section of IP gas pipeline may begin by Feb. 2013


Construction work on the Pakistan segment of the Iran-Pakistan gas pipeline project is likely to start by February 2013, and the first gas flow is scheduled to begin by the end of December 2014, the Pakistan National Assembly was informed on Friday.

Iran’s crude steel output rises 10.4%: WSA


TEHRAN - Iran’s crude steel output rose by 10.4 percent in the first 11 months of 2012 compared to the same period in 2011, the Mehr news Agency reported, citing statistics by the World Steel Association.

Hail a cab: Chinese auto maker to buy London taxi maker


China’s automaker Zhejiang Geely Holding Group has reportedly offered to buy 80% of Manganese Bronze Holdings (MHB), the makers of the iconic London taxi. Geely will own almost %100 of the company that’s found it itself on the brink of bankruptcy.

New era in Russia-US trade relations: Obama scraps Jackson-Vanik amendment


President Obama has abolished the Jackson-Vanik amendment thus awarding Russia “permanent normal trade relations” status, which opens a new era in trade relations between the two countries.

Russia’s Kamaz to spend $2bn on new models


Dakar rally winning truck maker Kamaz has announced plans to invest more than $2bn over five years in modernizing its vehicle product range to make them more comfortable and energy efficient.

Japan’s JX renews 2013 Iranian crude contract


Japan’s top oil refiner, JX Nippon Oil & Energy Corp, renewed its term crude contract with Iran from January next year, chairman of the company, Yasushi Kimura, told reporters on Wednesday.

China's Zhenrong to maintain Iran oil imports for 2013


BEIJING BEIJING (Reuters) - China's state-run Zhuhai Zhenrong Corp, the firm that started Beijing's Iran oil business, expects to maintain its crude oil contract with Tehran at a steady volume for 2013, unfazed by tightening Western sanctions, trading officials told Reuters.

Gazprom wants special case for its pipelines from EU energy package


Gazprom wants its two major projects – South Stream and Nord Stream – to be granted exceptions from the EU third energy package, seeking to retain control over their transportation capacity.