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Iran’s NIOC and China’s Sinopec sign oil sales deal

by ChemOrbis Editorial Team -
  • 18/05/2016 (17:27)
According to media reports, the National Iranian Oil Company (NIOC) and China’s Sinopec have signed a new deal regarding sales of crude and gas condensate. NIOC’s executive director for International Affairs Mohsen Qamsari said that negotiations with the Chinese company are underway to increase crude oil sales and exports following the removal of sanctions against Iran.

Under the deal, crude oil will be supplied to four or five subsidiaries of Sinopec. Currently, Iran’s crude exports to China stand at over 500,000 barrels per day (bpd) while gas condensate exports stand below 100,000 bpd.
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