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Hungary joins customers of Iranian crude

An NIOC official has announced that one million barrels of crude oil will be shipped to Hungary.

Hungary joins customers of Iranian crude
(Thursday, October 13, 2016) 23:32

Executive Director for International Affairs at National Iranian Oil Company (NIOC) Seyyed Mohsen Ghamsari described details of a contract with Hungary over oil sales noting “the agreement has become finalized to sell one million barrels of Iranian crude to the European country in the coming month.”

The official underlined that all oil cargos to Europe need to contain one million barrels in order to receive the permit to pass through Suez Canal; “the shipment will be soon deployed to Hungary.

MOL Group of Hungary has recently put forward an official request to purchase 30 to 40 thousand barrels of Iran’s light crude per day while the greatest barrier to oil exports to Hungary, as one of the oil consumer countries in Europe's East Block, has been the limited production capacity for light crude.

Ghamsari had previously maintained that Iran was not prepared to export light crude oil to the Hungarian firm.

Meanwhile, implementation of the first developmental phase of Khesht oilfield in southern Iran will provide the possibility to produce 20 thousand barrels of light oil.

Managing Director of South Zagros Oil and Gas Production Company Gholam Hossein Montazeri had touched upon the latest status of Khesht oilfield in Fars province saying “the construction and development of Phase 1 of the Iranian oilfield is now 80 per cent through.”

“The first phase aims to reach a total output of 20 thousand barrels of light crude per day,” Montazeri had stressed adding “the produced oil at Khesht field will be transferred to Kharg Oil Terminal as well as other export venues.”

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