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Iran signs new oil contracts with European companies

8 April 2016 13:35 (UTC+04:00)
Iran signs new oil contracts with European companies

By Fatma Babayeva

Iran has signed new contracts with European companies on oil export, Mohsen Gamsari, director of international affairs in the National Iranian Oil Company (NIOC) told Mehr News.

After concluding agreements with a number of European companies including Total, Iran signed several more agreements with other companies which implementation will begin in the near future, Gamsari added.

He further said that the name of the new European oil buyers will be announced once the agreements come into force.

In mid-February, Iran loaded its first cargo of oil to Europe since international sanctions ended in January.

Gamsari emphasized that there are already operating contracts for exporting hydrocarbons to the Europe with the Greek company Hellenic Petroleum, Russia's Lukoil and Spanish Cepsa, in addition to the agreement with Total.

Shell may resume oil imports from Iran after it pays all debt for previously delivered oil, an official representative of the Iranian Oil Ministry said earlier.

Shell repaid most of its debt in March. The company paid to Iran $ 1.9 billion out of $ 2.1 billion blocked Iranian assets for the sale of oil.

The export of oil reached more than two million barrels per day during the first days of the new year of Iranian calendar (March 20), the ministry reported.

The EU was importing 800 000 barrels of Iranian oil and condensate before sanctions imposed in 2012.

Iran's crude oil sales to Europe is expected to surpass 300 000 barrels per day once the all contracts come into force.


Fatma Babayeva is AzerNews’ staff journalist, follow her on Twitter: @Fatma_Babayeva

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