BP buys first oil to have officially enter the Iran Post-Sanction Market
Excerpt from Bloomberg.com: Iran oil company sold condensate to BP 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 and Western Companies attempt to enter Iran Post-Sanction Market.
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.
On Monday, Director of NIOC’s international affairs Mohsen Qamsari said that BP would get a cargo of one million barrels of Iranian condensate, based on a spot contract.
BP has a long history of operation in Iran. The company started life as the Anglo-Persian Oil Company in 1908 before parting ways with Iran and becoming British Petroleum.
Global Companies that took advantage of Iran Post-Sanction Market
According to Oilprices.com, France’s Total was the first major western company to enter Iran Post-Sanction Market and resume oil deals with Iran in February, a month after sanctions were lifted.
Royal Dutch Shell followed suit by resuming crude oil purchases in June. Iran has been trying to restore the market share it had lost during the years under sanctions and has vowed to return to pumping 4 million barrels of oil per day.
Earlier this week, Ali Kardor, NIOC’s managing director, said that Iran had officially reached the 4 million bpd crude production mark less than three quarters after reentering global oil markets.
After having shipped first oil to China’s teapots in July, Iran Post-Sanction Market is now seeking additional outlets for its crude and gas in its attempt to restore pre-sanction positions and markets.
Iran Post-Sanction Market and Opec
Iran has been exempted from having to make production cuts within the OPEC deal to limit the cartel’s oil production.
Iran has vowed to recover its lost market share by restoring its crude oil output to pre-sanctions levels of slightly 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.
Project Managers Organization and Iran Post-Sanction Market Opportunities
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