Andrea Rutherford

Iran Analyst
+44 20 7246 7800

About Iran Blog

Andrea Rutherford joined TSRP in 2016 to focus on Iranian company analysis. She first visited Iran in 2002 and most recently worked with Turquoise Partners, the Tehran-based investment bank. She was a senior member of the Bruswick Securities team in Moscow from 1997 to 2004 and later Chairman of Bruswick Asset Management. Prior to analysing the Iranian market she was an advisor to various emerging market funds for a decade.

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Iran Blog

Analysis of one of the world's largest and most important frontier markets

Iran ratchets up the pressure on Total (and CNPC)

9 Mar 2017

French oil major Total has been one of the most upbeat energy companies among those discussing investment in Iran. As all Iranian investment is now caught up in the latest US political developments, Iran has started to increase pressure on Total to move ahead with its plans.

Last November Total was the first Western oil company to sign a preliminary deal with the National Iranian Oil Company (NIOC) under the revised Iran Petroleum Contract (IPC). This was an outline agreement to develop Phase 11 of the giant South Pars gas field with a target output of 18.6 bcma (total Iranian gas...

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Optimism from Iran about oil & gas investment – Great Expectations, not entirely justified

23 Feb 2017

Iran’s Ministry of Petroleum is talking optimistically about $35 billion worth of oil, gas and petrochemical projects being agreed in the next few months. The country’s Deputy Minister of Petroleum, Hossein Zamaninia, last week cited a total of some $70 bn worth of contracts currently under discussion and noted that he hoped Iran would finalize half of these within a few months. Our view is that the figures being discussed are extremely optimistic given the headwinds facing Iran at present.

Big focus on upstream oil but also gas, refining and petrochemicals
The majority of these...

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Turkmen gas supplies to Iran cut off – much ado about nothing

20 Jan 2017

Earlier this month Turkmenistan cut off gas deliveries to Iran because of non-payment for gas supplies since 2013. The move comes at a time of peak demand in northern Iran and could have diplomatic consequences for Ashgabat while causing operational challenges for Tehran. However, we see no long-term damage to the overall relationship between the two countries.

Turkmenistan exported 7.2 bcm of gas to Iran in 2015, along with 3.1 bcm to the rest of the former Soviet Union and 27.7 bcm to China – which over the last decade has replaced Russia as the default buyer of Central Asian...

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Iran prioritises LNG over pipeline gas exports

23 Nov 2016

Senior Iranian officials have confirmed that LNG exports are a higher priority for the country than pipeline exports to Europe.

Iranian ambassador to Europe highlights lack of coherent European gas policy

Iran’s ambassador to Germany highlighted that Europe’s uncertain gas policy was a cause for concern as was the fact that exports to Europe at current prices were uncommercial. In his view there was no clear European gas strategy on the part of governments and this made planning Iranian gas exports to Europe too difficult. He questioned whether Germany was serious about reducing...

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