Fire at Iran's largest oil refinery kills 1 in the country's southwest
A leaky pump in an under-repair unit at Abadan refinery caused the fire on Saturday, killing a worker, according to the state-owned IRAN newspaper. Firefighters put out the blaze in two hours and operations remained unaffected, the report said.
Iran's deputy parliament speaker, Ali Nikzad, confirmed Sunday that some workers were also injured, media outlets said.
Abadan oil refinery, some 670 kilometers (nearly 416 miles) from the capital Tehran, began its operation in 1912. It is the biggest in the Islamic Republic, producing about 25% of the country's fuel with more than 5,200,000 barrels of oil refined daily.
Several fires have broken out across Iran over the past week at residential and commercial buildings, with authorities saying gas leaks and electrical short-circuiting were to blame.
Iran is one of the world's major producers of oil, though sanctions by Western countries have limited its sales.
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Chevron gains strategic access to one of the most prolific deepwater discoveries of the past decade, estimated to hold more than 11 billion barrels of recoverable oil. The acquisition also strengthens its position in the U.S. Bakken shale, the Gulf of Mexico and Southeast Asia. It currently carries a Zacks Rank #3 (Hold). The move comes as a turning point for Chevron as it is facing mounting pressure to replenish its reserves and strengthen free cash flow amid ongoing volatility in the oil markets. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. ExxonMobil: The company's acquisition of Pioneer Natural Resources expanded its production capabilities in the Permian Basin, one of the most profitable regions in the United States due to its inexpensive production costs. XOM boasts a strong portfolio of upstream assets, focused on oil-rich resources in the Permian Basin and offshore Guyana. Production costs in those assets are low. Therefore, the leading integrated energy major can overcome a collapse in oil and gas prices. Similar to its operations in the Permian, ExxonMobil boasts a robust project pipeline in offshore Guyana resources. It presently carries a Zacks Rank #3. Shell: The company's acquisition of Pavilion Energy strengthens its LNG trading capabilities and positions itself for long-term growth in cleaner fuels. Shell's position as a major supplier of LNG should help the company meet the fuel's growing demand and improve its cash flow. Shell, with a Zacks Rank of 3, is targeting a 4-5% annual increase in LNG sales over the next five years and 1% annual production growth. Why Haven't You Looked at Zacks' Top Stocks? Since 2000, our top stock-picking strategies have blown away the S&P's +7.7% average gain per year. Amazingly, they soared with average gains of +48.4%, +50.2% and +56.7% per year. Today you can access their live picks without cost or obligation. See Stocks Free >> Media Contact Zacks Investment Research 800-767-3771 ext. 9339 support@ Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit for information about the performance numbers displayed in this press release. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Chevron Corporation (CVX) : Free Stock Analysis Report Exxon Mobil Corporation (XOM) : Free Stock Analysis Report Shell PLC Unsponsored ADR (SHEL) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
