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Spain’s Repsol Purchases 1st West Karoun Oil Cargo

The West Karoun block holds 67 billion barrels of oil in place.The West Karoun block holds 67 billion barrels of oil in place.

National Iranian Oil Company shipped its first crude cargo from West Karoun Oil Block in the southern Khuzestan Province to Spain’s Repsol, an integrated global energy company based in Madrid.

According to Shana, the Iranian Oil Ministry's news portal, the first sale of West Karoun oil, marketed as Pars oil, signifies Tehran’s willingness not only to raise oil exports but also to expand trade with Europeans despite the looming threat of US sanctions

US President Donald Trump last month pulled out of the 2015 accord between Iran and world powers, which lifted sanctions on Tehran in 2016 in exchange for curbs on its nuclear program.

Repsol has ordered 500,000 barrels of Pars oil on a spot basis. The cargo, co-loaded with Iranian heavy grade, is scheduled to be lifted next week. 

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