Shell, Total likely to buy Iranian crude

News ID: 2962401 -
TEHRAN, Nov. 10 (MNA) – Deputy oil minister has announced negotiations with Shell and Total oil companies to resume Iran’s oil sales during the post-sanction era.

Referring to the ongoing talks with European customers, Roknodin Javadi noted, “Iran faces no problems in returning to the global market by the removal of sanctions.”

On the signing of new contracts for Iranian crude oil sales to Britain’s Shell and France’s Total oil companies, he explained, “NIOC has conducted talks with all traditional buyers and customers and sees no limits to resumption of oil sales or signing new contracts with the two firms.”

Highlighting the possibility of the rise in Saudi Arabia’s crude oil sales and exports to Europe on the eve of Iran’s sanctions relief, Javadi said “National Iranian Oil Company (NIOC) is not concerned about the increase in Saudi oil production and exports to European markets because Iran will definitely gain its own share of the market.”

The official stressed that Iran’s return to the European market will be time-consuming because some European refineries have modified their specifications to suit other types of crude oil and some others need to wait until their ongoing contracts reach the expiry date.

Deputy oil minister further enumerated advantages of signing oil deals with Iran adding “firstly, Iran enjoys a great deal of security and political stability which is of high importance to costumers and buyers worldwide.”

“Secondly, the Islamic Republic of Iran has always remained committed to its obligation even during wartime crisis despite all enemy’s attacks on oil facilities,” added managing director of NIOC deeming loyalty to contracts as a vital criterion for all oil buyers.

Reminding oil customers’ tendency to diversify their energy sources in order to prepare for unforeseen events, Javadi expressed hope to regain the market in a short time after the lifting of sanctions.

 

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