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Iran mulls 1-year, long-term contracts with Shell, BP

Business Materials 30 December 2016 08:46
The National Iranian Oil Company (NIOC) has held talks with two oil giants Shell and British Petroleum for one-year and long-term contracts
Iran mulls 1-year, long-term contracts with Shell, BP

Tehran, Iran, Dec. 30

By Mehdi Sepahvand – Trend:

The National Iranian Oil Company (NIOC) has held talks with two oil giants Shell and British Petroleum for one-year and long-term contracts, according to NIOC Director of International Affairs Mohsen Qamsari.

The NIOC has been selling more and more oil to these two companies since the first consignments were shipped to them earlier this year, said Qamsari, adding that so far two or three consignments of about 1 million barrels have been sold to each European company.

He expects that the amount of trade with these two companies will increase.

On October 4, Qamsari said Iran had started the gas condensate (ultra-light crude oil) sale to BP in the form of spot cargo, adding that the first 1-million-barrel condensate cargo had been delivered to the British company a while before.

Shell purchased one million barrels of crude oil from Iran in June. Before the sanctions, imposed in 2012, Iran was exporting 800,000 barrels per day of oil to Europe.

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