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NIOC to Sell Oil to Hungary's MOL

NIOC to  Sell Oil to Hungary's MOLNIOC to  Sell Oil to Hungary's MOL

The National Iranian Oil Company’s director for international affairs says the company has finalized a deal to sell one million barrels of oil to Hungary in November.

“An agreement to ship one million barrels of  crude to Hungary in the next month has been finalized,” Seyyed Mohsen Qamsari was quoted as saying by Shana on Saturday.

In June Qamsari had said that Hungary's largest oil and gas company MOL had called for importing 40,000 barrels of light oil per day from Iran, but the country is low on light crude and most of its shipments are made up of Iran Heavy, one of its main oil grades.

The MOL Group operates refineries in Hungary, Slovakia and Croatia. It also has exploration and production assets in the North Sea and other countries, including Pakistan and Iraq.

The oil sale deal came after several rounds of negotiations between the two sides that started shortly after the sanctions against Iran were lifted in January.

The senior oil official earlier had said that Iran’s combined oil and gas condensate exports in July stood at 2.74 million barrels per day, of which 600,000 barrels are condensates.

He noted that one fourth of the country’s exports go to Europe, stressing that Iran’s gas condensates are only exported to Asian states.

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