Iran to Sell 0.7 mbd Crude Oil to Europe

Iranian Minister of Petroleum Bijan Zangeneh said Iran has signed a deal with European customers for the export of 0.7 million barrels per day.
“The European Union regards Iran as a creditable and reliable partner for energy supply,” said the Iranian official following a meeting with European Union Commissioner for Climate Action and Energy Miguel Arias Canete here in Tehran on Saturday.
He said the meeting was primarily about bolstering Iran-EU ties, adding that “They are highly interested in long-term partnerships with Iran and regard Tehran as a reliable and trustworthy partner for energy supply.”

“Europeans can [always] count on Iran’s energy resources,” said Zangeneh highlighting over a century of energy supply by Iran without any bad records.
He said EU has indicated readiness to cooperate with Iran in energy sector, adding a course of dialogues will be arranged between Iran and EU for a better supply of oil and gas to Europe by Iran and investment of European companies supported by their governments in Iran’s oil, gas and petrochemical industries.

Zangeneh said Iran and EU are expected to issue a joint statement for energy cooperation as well.
“Benefits play an important role in formation of relations and the goal of trading with Europe is winning benefits and Iran views Europe as a strategic partner,” he added.

He said Iran has signed a deal for export of 700,000 barrels per day of oil to European destinations which is yet to be realized.
Regarding petrochemical exports, Zangeneh said most Iranian petrochemical companies are private companies but new opportunities will arise for them in the post-sanctions setting.

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