Oil major BP buys 1st Iranian oil since sanctions eased
Tehran, Oct 5, IRNA - Iran’s state-owned oil company sold condensate to BP Plc for the first time since sanctions were lifted in January, marking the country’s re-emergence as one of the world’s top suppliers of crude oil and natural gas liquids.
According to Bloomberg, the National Iranian Oil Company will supply South Pars condensate to BP for loading between September and October.
The shipment may be used by one of BP’s own refineries or resold to other users, it was reported.
Iran has vowed to recover its lost market share by restoring its crude oil output to pre-sanctions levels of over 4 million barrels a day.
The country also wants to revitalize its refining and petrochemical industries to improve the quality of fuel sold on the domestic market and wean itself off imported oil products.
SOURCE : IRNA