In the current situations, despite the surplus of 1.5 to 2 million barrels of crude oil in the market causing a serious challenge for oil producers and exporters, National Iranian Oil Company (NIOC) is seeking to extend oil sale contracts with traditional costumers like China, Japan, South Korea, India and Turkey.
Consequently, with the extension of deals to the year 2016 with a number of Chinese refineries including PetroChina, Sinopec, CNOOC and Zhuhai, similar negotiations are being undertaken with Japanese refineries as well.
Japan’s JX Nippon Oil & Energy Corporation, one of the largest costumers of the Iranian oil, has also recently announced the extension of the annual oil contract with Iran for the year 2016 with a capacity of 53 thousand barrels per day.
Seyed Mohsen Ghamsari, Executive Director for International Affairs at National Iranian Oil Company, had referred to the issue last week stating “a portion of oil sale and exports contracts have been extended while the deadline for remaining deals did not coincide with the beginning of the year 2016.”
