News ID: 211207
Published: 0455 GMT March 06, 2018

40% of Iran's February oil exports destined for Europe

40% of Iran's February oil exports destined for Europe

Iran’s 10-month trade with EU rose 52%

Domestic Economy Desk

Iran exported close to 2.6 million barrels of oil and gas condensates in February, of which 40 percent were bound for European countries.

In February, European and Asian countries purchased 2.16 million barrels of crude oil and 430,000 barrels of gas condensates from Iran, IRNA reported.

In this period, Asian nations accounted for 60 percent of oil and gas condensates purchases from Iran, with China, India, South Korea and Japan being the main customers of Iranian oil in the continent.

European customers of Iran's crude oil were Royal Dutch Shell, Total S.A., Italy's Eni and Saras SpA., Greece's Hellenic Petroleum, Spain’s Repsol S.A. and Hungary's MOL Group.

According to a report by the Iranian Oil Ministry, 40 oil refineries in the world purchase Iran's crude oil and gas condensates.

Asian refineries are the main customers of Iranian gas condensates, with South Korea being the biggest importer of the product from Iran.



EU trade

This comes as, a senior Iranian economic official said on Tuesday Iran's trade with the European Union witnessed a 52-percent increase during March 21, 2017-January 20, 2018, compared with the same period of the preceding year.

In this period, Iran-EU trade reached €21 billion, said Massoud Khansari, the chairman of Tehran Chamber of Commerce, Industries, Mines and Agriculture in an address to an economic gathering in Tehran, IRNA reported.

On domestic economic activities, Khansari said Iran's economic growth rate was 4.5 percent during mid-March-mid-September 2017.

He noted that the International Monetary Fund (IMF) has forecast that Iran's economy would witness a 3.5-percent growth by mid-March 2018, adding the IMF prediction of Iran’s economic growth for the 12-month period to March 2019 stands at 3.7 percent.

Khansari said during March 2011 up to mid-March 2017, Iran's capital formation index has been following a negative trend.

He noted that since March 2017, this negative trend has reversed, adding it currently stands at zero.

"The inflation rate stands at 8.2 percent according to the Statistical Center of Iran and 9.9 percent, according to the Central Bank of Iran," Khansari said.

"The figures show that the Iranian government has, once again, managed to keep the inflation rate in single digits [in the year to mid-March 2018]."

In 2017, the European Union (EU28) export of goods to Iran stood at €10.822 billion — an increase of 32 percent compared with the figure for 2016.

According to the latest (preliminary) data by Eurostat, the statistical office of the European Union, 27 percent of the EU exports to Iran came from Germany, which delivered goods worth €2.962 billion — a growth of 15 percent against the amount for 2016.

In the second place was Italy (16 percent) with exports worth €1.735 billion (+13 percent), followed by France (€1.501 billion +108 percent) and the Netherlands (€1.079 billion, +51 percent).


Resource: IRNA
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