Crude prices are stuck in…
Oil prices rose to their…
Two Italian energy companies, Saras SpA and Iplom SpA have signed long term contracts with the National Iranian Oil Company to purchase and import crude oil from Iran.
With the lifting of nuclear sanctions on Iran, the country’s oil industry is experiencing growth. As of this week, in a contact with Saras SpA, Iran will export between 60,000 to 65,000 barrels of oil per day to the company's refineries for one year.
Saras SpA currently buys approximately 30,000 to 35,000 barrels of oil per day. Last month, Roknodin Javadi, Managing Director of the Iranian National Oil Company (NIOC), stated that the company was in negotiations with Italy’s Eni SpA for a deal that could result in the sale of 100,000 barrels per day to Eni SpA.
Mohsen Qamsari, International Affairs Director for NIOC, stated that at present, Iran exports 2.5 million barrels per day in crude oil and gas condensates, adding that the company expects 100,000 barrels will be added to that number in the next few weeks.
Related: To Avoid The Oil Curse, Russia Needs To Take A Leaf Out Of The Saudi’s Book
The Iranian Minister of Oil, Bijan Zangeneh, noted that along with the oil contracts with the two Italian companies, the country has plans to sign a $1.5 billion agreement with Eni to develop phase three of the country’s Darkhovin oil field.
In related news, Iran named on Wednesday Behrouz Beik Alizadeh, a senior analyst for the oil ministry, as its representative at the Organization of the Petroleum Exporting Countries. Zanganeh made the announcement that Beik Alizadeh would replace Mehdi Asali, who is stepping down to retire.
Lincoln Brown for Oilprice.com
More Top Reads From Oilprice.com:
Lincoln Brown is the former News and Program Director for KVEL radio in Vernal, Utah. He hosted “The Lincoln Brown Show” and was penned a…