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Iran ready to export 400,000 bdp of oil to europe

Iran is preparing to export 400,000 barrels per day of crude oil to Europe following the removal of sanctions against the country.

National Iranian Oil Company's Director for International Affairs Mohsen Qamsari was quoted by the media as saying that Iran expects to regain at least 50 percent of its earlier share in the European market, Press TV reported.

He said this will be one of the most important plans for increasing Iranian oil export in a post-sanctions era.

Iran and P5+1 are currently working on the draft of a final agreement on the Iranian nuclear energy program with a June-30 deadline. The agreement — if reached — envisages the removal of sanctions against the country including a ban on sales of crude oil to the global markets beyond a ceiling of about one million barrels per day.

Qamsari added that it is crucial to create a sustainable security in demand for Iranian oil.

"Creating security for the demand for Iran's oil in international markets will be achieved through foreign investments," he was quoted as saying by the Persian-language newspaper Jahan-e San'at.

In other words, Qamsari added, foreign investors will be compensated for investments in Iran's oil projects from the output of the same projects in which they invest.

The official further underlined that Iran expects a surge to oil export to its old Asian clients such as India and China. This, he said, is because the two countries have made major investments in Iran compared to what they had in the past two years.

iran Daily Online
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