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Imports of Iranian crude by its four main buyers in Asia rose nearly 27 percent in March from a year earlier as the country took advantage of its exemption from a production cut agreed by OPEC and some other major producers.
Iran`s top four Asian buyers — China. India. South Korea and Japan — imported 1.97 million barrels per day (mbd) last month. government and ship-tracking data showed. Reuters reported.
This is marginally below February. when Iran sold the highest volumes overseas since at least 2010. International Energy Agency data showed.
In the first quarter. these four countries imported 1.87 mbd — a 47-percent rise from the same period in 2016.
Iran was exempted from a deal between the Organization of the Petroleum Exporting Countries and other producers. including Russia. to reduce output by 1.2 mbd from January 1.
It was a victory for Tehran which had argued it needs to regain the market share it lost under Western sanctions over its nuclear program.
Japan`s Trade Ministry on Friday released official data. showing Iranian imports were at 224.604 bpd last month — up 13 percent from a year earlier and slightly down from the previous month.
Iran has signed a flurry of deals with Western companies over the past year since the easing of international sanctions on Tehran after an accord was reached over its nuclear program.
Iran needs foreign investment for repairs and upgrading of its oil and gas fields. It also seeks the transfer of technology to its oil industry after a decade of sanctions.
In November 2016. France`s Total became the first oil major to sign a major deal with Tehran since the lifting of sanctions and agreed to help it develop the world`s largest gas field. South Pars.
Shell signed a provisional deal in December to develop Iranian oil and gas fields South Azadegan. Yadavaran and Kish in December 2016.
Iran has named 29 companies from more than a dozen countries as being eligible to bid for oil and gas projects using the new. less restrictive contract model.
The firms include Shell. France`s Total. Italy`s Eni. Malaysia`s Petronas and Russia`s Gazprom and Lukoil. as well as companies from China. Austria. Japan and other countries.
Russia`s Zarubezhneft signed an MoU for a feasibility study on two joint fields in the west of the country.
Norway`s International Aker Solutions Company signed an MoU to modernize Iran`s oil industry.
Last May. Austria`s OMV signed an MoU for projects in the Zagros area in western Iran and the Fars field in the south.
South Korean Daewoo Engineering and Construction (Daewoo E&.C) signed an MoU to construct an oil refinery in Bandar Jask. on the southern coast of Iran.
Italy`s Saipem signed MoUs to cooperate on pipeline projects. upgrading of refineries and development of Tous gas field in the northeastern province of Khorasan Razavi.
Norwegian oil and gas company DNO said it was the second Western energy company after Total to sign a deal with Iran under which it agreed to study the development of the Changuleh oilfield in western Iran.
Lukoil. Russia`s second biggest oil producer. hopes to reach a decision on developing two new oilfields in Iran.
Also last May. Germany`s Siemens AG signed an MoU to overhaul equipment and facilities at Iran`s oil operations and refineries.
BASF`s Wintershall oil and gas exploration subsidiary signed an MoU with the National Iranian Oil Company in April 2016.
