Iran's share in East Asian oil market soars

News ID: 3655724 -
TEHRAN, May 11 (MNA) – NIOC executive director for international affairs announced that oil sales to East Asian countries have climbed.

On the latest status of oil exports in the post-sanction era to Taiwan as a traditional customer, Seyed Mohsen Ghamsari said “the volume of crude exports to two Taiwanese companies has soared.”

The official noted that oil exports to Taiwan had continued even during sanction years asserting “given the removal of limitations, the amount of crude sales to the East Asian country has skyrocketed.”

He stressed that oil sales to CPC Corporation and Formosa Petrochemical Corporation (FPCC) of Taiwan have increased; “no exact figure can be announced on the amount of oil sales to Taiwan though the exports volume has experienced a 100-percent rise over the past few months.”

Some Taiwanese officials have recently announced that “volume of Iranian crude exports to refineries of Taiwan will grow 20-fold by the end of 2016 increasing from 3600 thousand barrels to 60 thousand barrels per day.”

The two refineries’ spokespeople have emphasized that their oil imports from NIOC will return to the contract level before sanctions.

Later, Ghamsari said oil exports to Sri Lanka has not started yet adding “NIOC executives in Singapore have launched talks with officials if Ceylon Petroleum Corporation over resumption of oil sales.”

The NIOC official voiced Iran’s readiness to supply the whole 40-thousand-barrel demand of Sri Lanka underlining “over the past three years, some countries have taken Iran’s market share during sanctions years and we are seeking to regain the market.”

NIOC Managing Director Roknodin Javadi had previously pointed to the launch of fresh round of negotiations with Sri Lanka on resumption of oil exports to saying “Iran is ready to resume crude sales to the East Asian country in the post sanction period.”

 

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