Two Italian energy companies, Saras SpA and Iplom SpA, have signed long term contracts with the National Iranian Oil Company (NIOC) to purchase crude oil from Iran.
As of this week, in a contact with Saras SpA, Iran will export 60,000 to 65,000 barrels of oil per day to the company’s refineries for one year.
Saras SpA currently buys approximately 30,000 to 35,000 barrels per day (bpd). Last month, NIOC announced that the company was in negotiations with Italy’s Eni SpA for a deal that could result in the sale of 100,000 bpd of oil.
Iran’s Petroleum Minister, Bijan Zangeneh said along with the oil contracts with the two Italian companies, the country has plans to sign a $1.5 billion agreement with Eni to develop phase three of Darkhovin oil field.
Iran has been ramping up its oil production and reclaiming market share after the lifting of US-led sanctions in January against the country.
The sanctions restricted Iran’s oil exports to around 1 million bpd and banned investments in Iran’s oil industry.
Earlier, Zangeneh said Iran’s oil production had surpassed 3.8 million bpd, 2 million barrels of which being exported.
He added that Iran’s exports, which stood at 0.97 million bpd in 2013, had to the same effect almost doubled.
Apart from Italian companies, Iran has signed contracts with several European clients for new export contracts.
They include Repsol from Spain and Hellenic Petroleum from Greece among others.