Iran signs contracts with three European companies for oil exports

Tehran, June 11, IRNA – Iran has signed contracts with three European companies from Italy, Spain and Greece, for oil exports and negotiations with other major oil companies are underway, according to an Iranian top oil official.

Iran restarted negotiations with its traditional oil buyers after lifting the sanctions in the aftermath of landmark nuclear deal with the West. It regained a significant part of its market in Asia and Europe within a short period of time.

The pace of Iran's return to the global markets was so remarkable that the experts were surprised with.

The European market well welcomed the Iranian oil and some 600,000 to 700,000 bpd of Iranian oil are exported to Europe.

Mohsen Qamsari, the director of international affairs department of the National Iranian Oil Company (NIOC), said that negotiations with Shell Company and other oil majors are underway and are expected to yield fruit in the near future.

When asked how much of the contracts between Iran and the European companies have become operational so far, the official said that 80% of the contracts have come of stream.

Iran exported some 1 million bpd of crude oil during sanctions time. The figure has increased to 2.1 million bpd last month.