Iran Weighing Measures to Shun Oil Export Drop: Zangeneh

“We have plans for selling crude oil and will try to prevent any drop in oil exports by using our experiences,” said the official following a Wednesday government cabinet meeting.
He said measures had been taken to secure Iran’s oil market share in the aftermath of US pullout of the nuclear deal, but refused to disclose them due to “US obstructionism”.
Regarding the European market, Mr. Zangeneh said: “Agreement with the Europeans is important for us in terms of oil exports, insurance, shipping and receiving [oil] cash.”
The European market accounts for less than one third of Iran’s crude oil exports.
Total’s pullout of South Pars 11
Speaking about the imminent exit of France’s Total from the Phase 11 development project of the supergiant South Pars Gas Field, Zangeneh said Total had announced it would need 60 days to seek a sanctions waiver from the US to stay in Iran of which 10 days have passed.
“It is unlikely that such a waiver could be obtained,” he said, adding in case of Total’s pullout of the project, China’s CNPCI would replace it.
Oil exports to India, China
Asked about continued oil sales to India and China, Iran’s two largest oil consumers, after US withdrawal from the nuclear deal, Mr. Zangeneh said, “Talks have been held with the two countries and we have received positive signals so far.”
In the past, Iran applied a certain mechanism to ensure transfer of oil cash from China, he said, but for other customers like the Europeans, transfers needed to be carried out through the banking system for which agreements needed to be achieved.

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