Iran Sold 1m Barrels of Gas to BP

Iran Sold 1m Barrels of Gas to BP

The National Iranian Oil Company (NIOC) sold a cargo of 1m barrels of natural gas condensate to British Petroleum (BP). The shipment is considered the first delivery since sanctions were lifted in January, reported Reuters.

An official with NIOC mentioned that the company will supply South Pars condensate to BP for loading between September and October, and that the shipment may be used by one of BP’s own refineries or resold to other users, according to Bloomberg.

Furthermore, NIOC’s Director of International Affairs, Mohsen Ghamsari, said that the company has sold two cargos of crude oil and gas condensate to two British companies, without revealing the name of the second British firm. However, the availability of condensate from the Middle East seems set to fall. The start up later October of Qatar’s 146,000b/d Ras Laffan splitter unit, which makes refined products such as naphtha, is expected to reduce supplies from the region.

This sale came on the heels of Ghamsari confirming that NIOC had finalized a deal to sell a cargo of 1m barrels of crude oil to Hungary during November.


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