56408
Iran Signs Spot Contracts With Shell, BP
Iran Signs Spot Contracts With Shell, BP

Iran Signs Spot Contracts With Shell, BP

Iran Signs Spot Contracts With Shell, BP

The National Iranian Oil Company has signed new spot oil export contracts with BP and the Anglo-Dutch Royal Dutch Shell to provide them with oil and gas condensates, director for international affairs at NIOC said on Wednesday.
“NIOC sold 130,000 tons of crude to Shell on July 8 that was unloaded in Rotterdam  and  more cargos are to be sold to the two companies,” Mohsen Qamsari was quoted as saying by Mehr News Agency.
A spot contract is a deal for buying or selling a commodity for settlement (payment and delivery) on the spot date, which is normally two business days after the trade date. A spot contract is in contrast with a forward contract where terms are agreed now but delivery and payment will occur at a future date.
Commenting on the resumption of oil sales to Shell and BP, the official added that negotiations are underway to sign long-term contracts with the British oil giants. He was optimistic about the outcome of the talks.
“There are no limitations to increase oil exports,” Qamsari said, noting that in 2016, Iran sold  2 million barrels of crude oil everyday.
According to Qamsari, NIOC has signed a short-term contract with Italy’s oil giant Eni to sell crude as it seeks to revive the agreement it had with the Italian company before the imposition of international sanctions.
On resuming oil exports to customers in Asia and Africa, Qamsari said Sri Lanka is in talks with the NIOC to resume crude imports and South Africa is expected to follow suit.
Asked about selling oil to American refineries in South Africa, including those owned by Chevron Corporation, he said as per Iranian law there is no restriction on doing business with US companies.
Iran’s crude oil production is now close to 4 million barrels per day, almost the same as  before sanctions were imposed over the nuclear dispute.

Short URL : https://goo.gl/30vgHf
  1. https://goo.gl/v65neP
  • https://goo.gl/YmNNO7
  • https://goo.gl/Wkrk2z
  • https://goo.gl/dpBtSu
  • https://goo.gl/URyAUY

You can also read ...

Iran Evaluating Maersk Proposal for South Pars Oil Layer
The National Iranian Oil Company is studying Maersk Oil's...
Power Grid Rehab Will Help Curb Outages
The rehabilitation of power transmission lines and the...
BP and Schlumberger are among top names in talks over Iranian fields.
The National Iranian South Oil Company may hold a tender for one...
Norway's Troll Gas Field Set for Record Output
The giant gas field that holds around 40% of total gas reserves...
Indian Firms Plan Merger to Create Oil Giant
India’s top refiner Indian Oil Corporation may buy out the...
Azeri Oil, Gas Output Falls
Azerbaijan's oil production dropped by 9% year-on-year to 19.161...
Crude Prices Steady as Ample Supply Meets Firm Demand
Oil markets steadied on Tuesday, supported by firm demand but...

Add new comment

Read our comment policy before posting your viewpoints

Image CAPTCHA
Enter the characters shown in the image.

Trending

Googleplus