Baku, Azerbaijan, Oct. 27
By Umid Niayesh - Trend:
Director of the International Affairs Department at National Iranian Oil Company Mohsen Ghamsari said Iran is to sell its crude oil to international buyers under new conditions.
The financial and operational soundness of the buyer as well as the specified final destination of oil consumption are three conditions for crude oil sell, Ghamsari said, Iran's Mehr news agency reported Oct. 27.
Before international sanctions imposed against Iran, the Islamic Republic was selling oil to foreign buyers under certain conditions including buyer's high financial and logistic soundness, however after the sanctions it changed, the official said.
He added that the new conditions have been approved by the government, saying Iran currently sells oil to refineries with high financial and operational power.
Ghamsari said that Iran also has its traditional oil buyers including refineries in India, China, South Korea and Turkey.
He underlined that Iran currently sell main part of its crude in cash due to sanctions-related banking problems.
The buyers should pre-pay 5 percent of the shipment value, Ghamsari said, adding that the remaining amount of oil shipment value should be paid before unloading the crude oil at the buyer country's terminal.
Ghamsari said earlier in May that the Islamic Republic's international oil buyers owe over $4 billion to the Islamic Republic.
The country's oil production has decreased sharply since 2012, due to international sanctions imposed over Tehran 's disputed nuclear program.
Iran's crude oil output (excluding condensates) stood at 2.765 million barrels per day (mbpd) in Septmeber, according to the latest monthly report of the Organization of Petroleum Exporting Countries (OPEC) released Oct. 10.