Iranian crude oil to be processed on Petrotel refinery in Romania, sources say

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Iran is on track to raise oil production by 500,000 barrels per day after the lifting of sanctions this month, and one million barrels of Iranian Light grade to get to Lukoil’s Petrotel refinery in Romania, sources said for reuters.com, agepres.ro informs, loading at Iran’s Kharg Island terminal on February 5.

Six supertankers with additional crude will deliver to buyers in Europe and Asia next month also.

At the same time, trading sources said Litasco, the trading arm of Russia’s Lukoil, looked set to become the first buyer in Europe since the lifting of sanctions.

„Iran raised its crude oil production by at least 500,000 bpd and the market will see it in the next few days,” said the Iranian source, who is familiar with export operations and continued: “(There are) three contracts finalised with European customers… Iran is also talking with its traditional customers in Asia, especially India.”

European refiners bought as much as 800,000 bpd from Iran before the sanctions and have in the past few years replaced those volumes with oil from Iraq, Saudi Arabia and Russia.

 

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