16:05 GMT +322 September 2019
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    In this Dec. 22, 2014 file photo, an Iranian oil worker makes his way through Tehran's oil refinery south of the capital Tehran, Iran.

    Iran Oil Company Plans to Seal Long-Term Deals With European Clients

    © AP Photo / Vahid Salemi, File
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    State-owned National Iranian Oil Company (NIOC) is set to replace its spot contracts with European customers for long-term deals, NIOC Director for International Affairs Mohsen Qamsari said.

    MOSCOW (Sputnik) — A number of European countries, including Spain and Italy, voiced their interest in purchasing oil from Iran.

    "A long-term contract guarantees oil sales, that’s why the country’s Ministry of Petroleum will make every effort to replace the current spot contracts with Europe for long-term contracts," Qamsari said as quoted by the ministry's news agency, Shana, on Sunday.

    Some European companies such as the French Total have already signed long-term contracts with Iran, according to Qamsari.

    In January, the European Union, the United Nations, and partially the United States lifted their sanctions against the Islamic Republic after the International Atomic Energy Agency verified Tehran’s compliance with a nuclear agreement reached in July 2015. The lifting of sanctions allowed Iranian oil producers to re-enter the global market.


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    Oil, contracts, Total, National Iranian Oil Company (NIOC), Mohsen Qamsari, Italy, Spain, Iran, Europe, France
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