Iran’s oil, condensate exports increase

Business Materials 29 February 2016 16:11 (UTC +04:00)

Baku, Azerbaijan, Feb. 29

By Khalid Kazimov - Trend:

Iran exported 1.75 million barrels of oil and condensate per day between Jan. 21 and Feb. 19, Iranian Oil Minister Bijan Namdar Zanganeh said.

Bijan Namdar Zanganeh added that the export figure has increased by 400,000 barrels per day year-to-year, Shana news agency reported.

He made the remarks on the sidelines of a meeting with the visiting South Korean Minister of Trade, Industry and Energy Joo Hyung-hwan in Tehran.

Earlier, Iranian oil officials announced that the country's crude export in February reached 1.4 million barrels per day, forecasting that the figure will stand at 1.5-1.56 by March.

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

Iran's oil export is projected to increase one million barrels per day within one year.

South Korea is a key trade partner of Iran in Asia. Seoul imports 10 percent of its required oil supplies from Iran.

The current volume of trade between the two countries stands at around $9 billion which is expected to be increased to $10 billion.