21:19 GMT +312 December 2018
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    The Azadi (Freedom) tower is illuminated before the lights were turned off during the worldwide Earth Hour in Tehran, Iran, Saturday, March 29, 2014.

    Asian Refineries Prolong Contracts With Iran That May Quadruple Oil Export

    © AP Photo / Ebrahim Noroozi
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    The magic of the nuclear deal: Asian states feel optimistic about the future as their refineries extended contracts with Iran. Oil export may quadruple.

    Chinese, Japanese, Turkish and South Korean refineries have prolonged their deals to purchase Iranian oil, the National Iranian Oil Company international director said according to Press TV.

    The agreements reached between Tehran and the P5+1 group gives Iran's Asian partners a secure base for doing a stable business with the republic, IRNA news agency explained.

    Moreover, if the parties finalize the long-expected nuclear deal by July, it will automatically guarantee a full removal of sanctions imposed on Iran.

    This will give Iran the green light for increasing oil export from around one million barrels per day to four million. Therefore the importers of Iranian oil hope they will be able to purchase more crude which may even become cheaper.

    The successful nuclear deal was struck in Vienna on April 2 and increased foreign nations' interest in Iran. Major investors are willing to pour billions into the country which serves as a crucial and lucrative hub for trade with the Persian Gulf States.


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    South Korea, Oil, business, refinery, crude, contract, Iran's Nuclear Program, P5+1, National Iranian Oil Company (NIOC), Asia, Iran, China, Japan, Turkey
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