Iranian oil sent to Romanian port of Constanta

By bne IntelliNews February 22, 2016

Iran has made its first crude oil delivery to Europe since the lifting of the sanctions against the regime in Teheran, delivering 4mn tonnes to four European ports including the Romanian port of Constanta.

Iran plans to increase crude oil production after the sanctions against the country were lifted in January. The target is to increase exports to Europe by 1.5mn barrels per day this year, Iranian government official Hamid Baeidinejad announced on his Instagram page.

The recipients of the first delivery of Iranian oil are Lukoil, for the crude sent through Constanta, French company Total and the Spanish refinery Compania Espanola de Petroleosbdin, Reuters and Fars reported, quoted by local daily Bursa. Lukoil announced earlier this month that it wants to buy Iranian oil for its refineries in Romania, Bulgaria and Italy. The Russian oil company will pay for its crude with petroleum products, sources said.

Lukoil’s trading division, Litasco could ship 1mn tonnes of crude from Kharg Island terminal in Iran to Romania where it owns the Petrotel refinery, Reuters reported on February 1.

Lukoil's Petrotel refinery is the smallest of three refineries still in operation in Romania. The refinery has a capacity of below 3mn tonnes per year. The refinery’s overall importance to the Russian company is relatively low, particularly after Lukoil upgraded its Bulgarian refinery in Bourgas in 2014.

Related Articles

Romania’s Transgaz reportedly renews bid for Greece’s DESFA

Romanian gas transport company Transgaz has teamed up with Spain’s Regasificadora del Noroeste in an attempt to take over its Greek peer DESFA, where the Greek state has put a 66% stake up for ... more

Poland’s PKN Orlen launches offer to delist Czechia’s Unipetrol

Poland’s state-controlled oil and gas company PKN Orlen has launched an offer to take over Czech refiner Unipetrol, the Polish company said on December 13. PKN Orlen said it will go through with ... more

Turkmenistan to take Iran to arbitration over $1.8bn gas supply claims

Turkmenistan announced plans on December 5 to take a dispute with Iran over $1.8bn Tehran supposedly owes for Turkmen natural gas deliveries to international arbitration. Tehran says the figure is ... more