New Managing Director of the National Iranian Tanker Company (NITC) Sirous Kianersi described latest status of oil displacement agreements between NITC and huge European oil companies saying “so far, 35 contracts have been inked with European sides for taking out leases on 35 Iranian tankers.”

The official stated that the 35 lease contracts had been signed with oil giants from various EU states like Greece, Spain, Italy and the Netherlands asserting that the deals were spot contracts which were sealed for transport of crude oil.

He highlighted that Iranian tankers enjoyed highest standards for transference of crude oil in ports and oil terminals of the European Union (EU); “so far, agreements have been signed with majority of European oil firms like Spain’s Cepsa, Italy’s Eni in addition to Greek and Dutch companies.

In view of post-JCPOA conditions and removal of restrictions, more agreements will be sealed with European oil giants for displacement of crude oil, the official reiterated.

Last week, Kianersi had reported on berthing of Iranian oil tankers at EU oil terminals stressing that the first Iranian tanker had tied up at a Spanish socking site.

For the first time ever, an Iranian tanker, which has been lent out to a large Spanish oil company, moored at Algeciras port of the European state.

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Sirous Kianersi added the first NITC tanker leased to a major Spanish oil company docked at the Port of Algeciras just recently, reported IRNA on Wednesday.

More NITC tankers are heading to other European ports, he said, adding two vessels are currently en route to the Netherlands.

NITC is the biggest tanker company in the Middle East and one of the largest in the world with a capacity of 15.5 million tons per year.

Managing Director of Iran’s Port and Maritime Organization Mohammad Saeednejad also said on Wednesday that the lifting of sanctions has allowed Iranian ships to fully resume operations to Asian, European and American ports.

Since October, Iranian VLCCs have reportedly completed 32 voyages delivering around 70 million barrels. China accounted for 13 voyages and India for 12 others.

As many as 17 international shipping lines have resumed their calls at Iranian ports which were deserted by and large during the sanctions, Saeednejad said.

Iranian VLCC fleet, which had been used as floating storage, has started to reappear on international trading routes. Since October, more than 20 NITC-operated VLCCs have returned to the market compared to just 13 in October.

Iran’s oil exports hit 2.04 million barrels per day in November, recovering from a decline of around one million barrels per day during the sanctions. Over the last 12 months, European customers have resumed lifting Iranian crude oil, with France, Spain, Greece, Italy, the Netherlands and Taiwan taking at least one shipment.

According to ship tracking data, the number of Iranian VLCCs in storage has fallen from 16 to 7 units, which equals to a reduction of 20 million barrels. As much as 15 million barrels of crude oil is estimated to remain in floating storage on NITC’s VLCCs — down from an estimated peak of between 40 and 50 million barrels.

On Tuesday, a report said global ship insurers were about to resume near full coverage for Iranian oil exports from next month without involving US-domiciled reinsurers.

Restrictions on US firms handling Iranian goods had greatly limited the number of reinsurers of cargoes, but the new arrangements, which essentially allow re-insurance of ships without the involvement of US firms, should boost the number of eligible shipments, Reuters reported.

“There will be no US-domiciled reinsurer participation on the 2017 IG reinsurance program,” the news agency quoted Andrew Bardot, secretary and executive officer at the International Group (IG) of P&I Clubs in London, as saying.

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Deputy Head of NIOC for Development and Engineering Affairs Gholamreza Manouchehri said “a list recently published by National Iranian Oil Company was relevant to applicants from Spain, Germany, Italy, Austria, Japan, China and South Korea which had been qualified in Pre-Qualified Iran’s Oil and Gas Upstream Projects Tender Round.”

“Names of Lukoil and Gazprom from Russia were on the list,” highlighted the official asserting that a second list of qualified foreign companies will be soon released.

Manouchehri, while estimating that Russian firms, whose name were among qualified candidates, will be present in the second, underlined that NIOC has inked Memoranda of Understanding (MoUs) with Russia’s Zarubezhneft and Tatneft both of whom were absent in the first published list.

“NIOC must have approved of all firms with which a cooperation agreement has been inked,” noted the official.

He further maintained that claims on disqualification of Russian firms reiterated that Iran welcomed cooperation with credible Russian parties who held new technologies.

National Iranian Oil Company has so far sealed MoUs with seven Russian oil giants for development projects or boosting recovery factor in various oil and gas fields.

Accordingly, research and development MoUs have been signed with Russian firms like Lukoil, Tatneft, Zarubezhneft and Gazprom for expansion of seven Iranian oilfields including Mansouri, Ab Teimour, Aban, West Paydar, Dehloran, Cheshmeh Khoshk and Chenguleh.

Accordingly, Russian firms enjoy the highest rate of cooperation in upstream sector of Iran’s oil and gas industry as compared with Asian or European companies.

Nevertheless, names of Russneft, Tatneft and Zarubezhneft were missing on the recently-published list by NIOC giving rise to hypotheses that the three Russian oil giants had been disqualified.

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