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Crude exports to Italy reach record high

Iran has set a new record in oil sales to Italy by deployment of 230 thousand barrels of crude per day to the EU member state.

Crude exports to Italy reach record high
(Sunday, January 8, 2017) 23:18
Signing of two oil sale contracts with Eni and Saras SpA of Italy, a new record was established in the volume of crude exports to the European country.

OPEC Affairs Department of the Ministry of Petroleum announced that the daily volume of Iranian crude exports to Italy had reached over 230 thousand barrels in November, 2016 while the figure had stood at around 160 thousand barrels per day in the earlier month.

Presently, National Iranian Oil Company (NIOC) is in agreement with Italy’s Saras and Eni for daily oil sales of 60 to 65 thousand barrels to the former as well as 100 thousand barrels to the later.

Deputy Head of National Iranian Oil Company (NIOC) for Crude Oil Marketing Safarali Keramati has recently confirmed inking of a one-year contract for crude exports to Eni of Italy adding “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.
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