Friday, November 16, 2018   11:01:13
Iran Banks on Beginning Crude Export to Russia by Late September


TEHRAN, Aug. 20 (Shana) – A senior Iranian oil official expressed optimism that Irans crude oil export to Russia will begin by late September or late October 2017.

Amir Hossein Zamaninia, deputy petroleum minister in international affairs and trading, told Khabar Radio that Tehran and Moscow will conclude a crude oil sales contract to Russia within the next 2 or 3 months.

He said Iran will receive its oil cash from Russia in euros, adding 50% of the amount will be paid in cash and the rest will be used to finance import of goods from Russia to Iran.

The official described the deal as a "very important contract," adding the agreement has the potential to enhance Iran-Russia ties in all sectors.

Energy Minister Alexander Novak said recently Russia is negotiating daily purchases of 100,000 barrels of crude oil from Iran.

The two countries are currently discussing the terms of a potential agreement, Novak said, adding he expected the deal to be reached "within weeks."

Russia’s state trading enterprise Promsirieimport has been authorized by the government to carry out the purchase, he said on the sidelines of an economic forum in the Black Sea resort of Sochi.
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