Dollar to phase out from Iranian oil deals

News ID: 3043831 -
TEHRAN, Feb. 07 (MNA) – NIOC has officially launched the project to gradually remove dollar from oil deals advising clients to put euro at top priority.

The collection of outstanding debts from refineries indebted to the National Iranian Oil Company (NIOC) has begun with the removal on international sanctions and the final round of talks on repaying billions of dollars of oil money have been launched with Indian, Greek, English and Emirati refineries.

Meanwhile, NIOC has officially undertaken the plan to eliminate dollar from oil contracts advising clients to make use of euro in oil sales for paying off debts.

Deputy Head of National Iranian Oil Company (NIOC) for Crude Oil Marketing Safarali Keramati has confirmed intention to replace dollar with euro in oil sales; “recovering oil debts as well as new crude sales money in euro is Tehran’s priority.”

Touching upon the idea of billing new crude sales in euros, the official said “the issue is subject to the agreement of both sides while NIOC’s preference is to receive money in euros from buyers.”

“Iran has opted for certain credited and valid currencies for oil sales,” underlined the official stressing “The European consumers will not face any problem for euro payments.”

Meanwhile, a senior official at NIOC was quoted by Reuters as saying that Iran wants to recover tens of billions of dollars it is owed by India and other buyers of its oil in euros and is billing new crude sales in euros, too, looking to reduce its dependence on the US dollar following last month's sanctions relief.

On the other hand, NIOC is going to be paid in euros for the recently inked contracts with various companies including France’s Total as well as Litasco SA of Russia, LUKOIL's exclusive trading arm.

 

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