Iran Signs Oil Sales Deals with 7 European Firms

The Executive Director for International Affairs at the National Iranian Oil Company (NIOC), Seyyed Mohsen Ghamsari, said negotiations are underway with various European firms over sealing long-term accords; “So far, agreements worth 600,000 to 700,000 barrels have been signed and 80% of the deals have become operational.”

The official underlined that long-term deals for exporting Iran’s crude have been signed with Saras SpA and Eni of Italy, Spain’s Repsol, Hellenic Petroleum SA of Greece, France’s Total, Switzerland’s Vitol Group as well as Lukoil of Russia.

Ghamsari went on to assert that “All the companies with a signed agreement have received their oil shipments, while a portion of the deals are long-term, in which case oil delivery is being carried out.”

The NIOC official previously highlighted that talks with Anglo-Dutch company Royal Dutch Shell are still going on, though no long-term agreement has been reached yet; “Only one oil shipment has been delivered to the Anglo-Dutch company.”

At the present time, the volume of Iran’s oil exports has reached more than 2.1m barrels per day and the figure is planned to hit a total of 2.5m barrels per day by the end of summer.