Page 7 - MEOG Week 21 2021

MEOG PIPELINES & TRANSPORT MEOG

European, Indian refiners

preparing for Iran imports

IRAN AT least one oil refiner in Europe and four in to export crude from a new pipeline-linked port
India are reportedly making preparations to on its Sea of Oman coast that will enable tankers
resume importing crude oil from Iran. to avoid journeys that take them into the Persian
National Iran Oil Co. (NIOC) has been in Gulf via the Strait of Hormuz chokepoint.
in-depth talks with as yet unnamed European This will give Iran a clear advantage over
refineries on sending oil shipments, according Gulf Arab oil exporters including Saudi Arabia,
to Reuters. Kuwait and Iraq.
Hopes are now rising that Tehran and Wash- Iranian President Hassan Rouhani said on
ington will soon strike an agreement to revive May 20 that the nuclear deal talks have found
the 2015 nuclear deal which would necessitate agreement on most key issues and that US
the lifting of US sanctions imposed on the oil sanctions on energy, exports and banking were
industry and other economic sectors of the among those that would be lifted if an agreement
Islamic Republic. to revive the accord was signed. “Some issues
The news agency also reported that four still need to be resolved before the agreement is
Indian refiners have plans in place to replace signed,” Rouhani added.
spot purchases of American crude with NIOC US and Iranian negotiators are aiming for a
supplies in the coming months. final round of talks in Vienna next week on the
NIOC has, meanwhile, increased output terms for Washington’s re-entry into the nuclear
for its eventual re-entry to global oil markets in deal (or Joint Comprehensive Plan of Action, the
anticipation of the lifting of sanctions. JCPOA), according to Iran’s chief negotiator and
India was the second biggest importer of Ira- deputy foreign minister, Abbas Araghchi.
nian oil, behind China, until ex-US president “I think good headway has been made with
Donald Trump re-imposed sanctions on Iran. the talks over the past two weeks. A few key
Production numbers from the Organisation issues have remained, and they need further
of Petroleum Exporting Countries (OPEC) pub- consideration, and decisions should be made
lished this week suggested that Iran was behind about those issues in the capitals,” Araghchi was
the largest single-country increase in the bloc’s on May 19 cited as saying by the Guardian.
output in April, pumping over 2.6mn barrels per Similar comments from Araghchi were
day (bpd) on average. reported by Iran’s Fars News Agency.
Previous reports have said that Indian refin- The delegations, which have this week been
ers ready to resume oil imports from Iran include meeting in Vienna in a fourth round of talks -
state-run Bharat Petroleum Corp, Hindustan although the US and Iran are not meeting face to
Petroleum Corporation, Indian Oil Corp and face but are instead relying on shuttle diplomacy
Mangalore Refinery and Petrochemicals. conducted by remaining major power JCPOA
In another boost to Iran’s oil export pros- signatories - have reportedly agreed to return to
pects, this week has brought more reports that national capitals to receive final instructions on
it will soon be possible for the Islamic Republic red lines before a definitive round of talks.™

Week 21 26•May•2021 www. NEWSBASE .com P7