News ID: 127069
Published: 0740 GMT September 16, 2015

Iran, South Africa sign protocol on crude sales

Iran, South Africa sign protocol on crude sales

Iran and South Africa signed the preliminary documents on crude oil sales as all countries that visited Iran for negotiations have expressed their interest in purchasing oil and gas condensate, said a National Iranian Oil Company (NIOC) official.

South Africa is expected to be Iran's first non-traditional customer of oil among major traditional buyers which includes Turkey, Japan, South Korea, China and Indonesia, said Mohsen Qamsari, NIOC director of international affairs, according to Shana.

"Most of the countries that used to have oil purchase contracts with Iran applied for resuming earlier deals and a number of new customers are ready to sign contracts after the sanctions are lifted," he added.

He further said Iran has the potential to become a major gas condensate exporter once the sanctions are removed because European and Asian industries use such products as feedstock.

"This can add new customers mostly in the Far East to our traditional condensate buyers," he added.

On the settlement of debts owed by European countries to Iran, Qamsari said all of them including Greece, Italy, and specially the Royal Dutch Shell are ready to pay their debts as soon as the nuclear deal between Iran and P5+1 is implemented.

The official said Iran will allocate 60 percent of its oil export to Asian markets and keep the remaining 40 percent fro European markets.

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