Page 9 - DMEA Week 21 2021

DMEA REFINING DMEA

European, Indian refiners

preparing for Iran imports

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

Week 21 27•May•2021 www. NEWSBASE .com P9