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Iran hits largest oil accord with Italy

Friday, December 23, 2016

 

Iran and Italy’s Eni have inked a one-year agreement for sales of 60 to 100 thousand barrels of crude oil to the European country in the year 2017.

Following the signing of a contract with Saras SpA of Italy for daily exports of 35 to 60 thousand barrels of crude oil, the second long-term deal for sales of Iranian oil was sealed today in Tehran.

Under the provisions of the new agreement, the National Iranian Oil Company (NIOC) will deploy 60 to 100 thousand barrels of crude oil to the Italian giant on a daily basis as of January 01, 2017.

Deputy Head of National Iranian Oil Company (NIOC) for Crude Oil Marketing Safarali Keramati, while confirming the signing of a one-year accord with Eni, asserted “on the basis of agreements, 14.5 percent of cargo values will be counted as Italy’s revenue for investment in Phases 1 and 2 of Darkhoin oil field.”

“The remain 85.5 per cent of shipment values will be paid to NIOC in cash,” said the official.

Executive Director for International Affairs at National Iranian Oil Company (NIOC) Seyed Mohsen Ghamsari, while pointing to launch of oil sales to Eni in the post-JCPOA era, had said earlier that Iran has so far deployed one cargo of crude oil to the Italian firm within a short-term contract and a long-term deal will be soon inked with the European company.

Source: Mehr News Agency

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