Asian oil refiner eyes more Iran oil import
By Sara Rajabova
The P5+1-Iran nuclear deal has created the conditions for energy-hungry Asian economies to increase imports from the Islamic Republic.
Following the removal of sanctions on Iran's oil export by the U.S. government, Asia's largest oil refiner called for more imports from Iran.
After a U.S. government directive over the removal of sanctions on Iran oil was issued, Asia’s largest oil refiner Sinopec expressed interest in Iranian oil, Mehr News Agency reported.
The U.S. government order lifted a ban on Iran’s oil exports following the signing of the nuclear deal in Vienna, Caspian Energy News reported with reference to IRNA.
The statement allows countries and oil companies to buy crude oil from Iran after the full implementation of the Joint Comprehensive Plan of Action. The executive order by U.S. president Barack Obama will annul a previous order punishing companies and countries who had bought Iranian oil.
Expressing desire for more cooperation in field of energy, Sinopec, Asia's largest oil refiner announced that Iran has stored 30 to 40 million barrels in its tankers, which are ready to be exported.
Iran's Oil Minister Bijan Zanganeh earlier said by removing sanctions on Iran's crude oil production, exports will rise by 500,000 barrels per day just in a week.
A rise in the exchange and export of crude oil and gas condensate, participation in Iran's new oil and gas projects, and the development of research cooperation are among main provisions of Iran's new oil agreement with China.
Recently, a Japanese delegation headed by a high-ranking official visited Iran to explore ways to improve ties, especially in the energy field. Tehran called on Tokyo to regain its share in Iran’s energy market, which was diminished after international sanctions on the Islamic Republic.
Currently, Iran’s crude oil production is estimated to be 2.7 million barrels per day. With a lifting of the 3 major sanctions hitting Iran’s oil sector that affected cash transfers, oil tanker procurement, and insurance, Iran’s oil production will rise by about 500k barrels per day.
Iran and the P5+1 countries – the United States, Britain, France, China and Russia plus Germany – finalized the text of the JCPOA in Vienna on July 14.
Under the nuclear agreement, limits are put on Iran’s nuclear activities in exchange for a set of commitments by the P5+1, including the removal of all economic and financial bans against the Islamic Republic.
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Sara Rajabova is AzerNews’ staff journalist, follow her on
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