Philippines Asks for Importing 260,000 bpd of Oil from Iran

Philippines Asks for Importing 260,000 bpd of Oil from Iran

The National Philippine Oil Company (NPOC) asked for purchasing substantial amount of crude from Iran.

"The Philippines is planning to import something between 250,000 to 260,000 of crude oil per day from Iran," NPOC Managing Director Pedro Agino said while explaining a memorandum of understanding (MoU) signed recently between Tehran and Manila.

He reiterated that an oil refinery with a capacity of 400,000 barrels per day will be built in Manila to refine Iran's crude oil.

Last week, the National Iranian Oil Company (NIOC) and the National Philippine Oil Company signed a MoU to broaden their cooperation in the field of energy studies.

The MoU was signed between the NIOC and NPOC's exploration offshoot to conduct studies on Pazanan and Darkhowin oilfields in Southern Iran.

The MoU was signed on the sidelines of Iran Oil Show 2017 in Tehran last Monday.

During the signing ceremony to ink the deal, PNOC exploration offshoot's managing director said that signing the document was a major event in his company's history.

Iran’s 22nd Oil and Gas Show was held last week. Over 4,000 exhibitors from 37 countries across the globe are taking part in the exhibition dubbed Iran Oil Show 2017 in Tehran.

The oil show is the biggest energy exhibition in the Middle East in terms of the number of participants and size.

Exhibitors from China, Germany, France, Italy, Spain, Turkey, Russia, Japan, Austria, South Korea, the US, and Australia will take part in the exhibition which will last until May 9.


Source: Fars

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