Roundtable Discussion; The Future of Mineral Sands. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksRDSA.L Share News (RDSA)

  • There is currently no data for RDSA

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 1-Europe oil buyers return to Tehran to talk business

Thu, 23rd Jan 2014 16:32

* Total, Saras among those to meet oil officials in Tehran * Iran hopes to reclaim European oil market by end of 2014 * Plans further meetings in Istanbul, London By Ron Bousso and Peg Mackey LONDON, Jan 23 (Reuters) - Major European oil buyers arequeuing up to meet Iranian officials as they jostle tore-establish a strong position with Tehran in anticipation of afull lifting of Western sanctions. Even as the United States and its Western allies try to holdthe line to maintain tough sanctions, executives from Europeanoil firms - among them France's Total and Italy'sindependent refiner Saras - have visited Tehran in recent weeks,industry sources say, for talks with the National Iranian Oil Co(NIOC). Tehran is confident that a thaw in relations with the Westhas opened a door to revive suspended oil trade with Europe asearly as the end of this year, sources directly involved in thetalks said. "Everybody is preparing for serious negotiations with Iran,pending the removal of sanctions," a senior Iranian oil officialtold Reuters. "We've already had lots of interest from ourtraditional customers in Europe." Western oil men are unanimous in viewing contact with Iranas preliminary and stress that they would do nothing in breachof the existing sanctions regime. "The best way for companies like us to go back to Iran isto follow strictly the sanctions and push both parties to reachan agreement which will lead to the lifting of sanctions oneday," Chief Executive Paolo Scaroni of Italy's Eni toldreporters in Davos on Thursday. An Eni spokesman said that officials from the company hadnot recently visited Tehran for talks on the eventual renewal ofcrude oil trade. In November, Iran and the West agreed to a six-month deal inwhich Tehran promised to scale back its nuclear programme inexchange for the suspension of some western economic sanctions. The sides began implementing the deal on Monday with hopesthat it will pave the way for a broad settlement of a decade-oldstandoff. The accord stopped short of ending the embargo onEuropean imports of Iranian oil. But that has not stopped Iranian and European oil executivesfrom starting to talk. "The Iranians are eager to export and they believe it mightbe possible by the end of this year, provided sanctions arelifted," said a senior Western oil executive, after returningfrom Tehran. A team from Italian refinery Saras travelled to Tehran inDecember at the invitation of NIOC, a source familiar with thematter said. A spokesman from Saras declined to comment and one fromTotal did likewise, adding that the company continued to respectthe embargo. "The Iranians are optimistic and think things can progressquickly," said an industry source, recently in Tehran. "But that is wishful thinking on their side... They areacting as if it is a matter of days or weeks before they canstart selling us crude again." Before the West tightened sanctions on Iran in mid-2012, theOPEC member supplied more than 700,000 barrels per day (bpd) -nearly a third of its overall sales - to the European Union plusTurkey. The remainder was bound for Asia. RE-CONNECTING Since then, Iran's oil exports - restricted to Asia andTurkey - have more than halved to just over one million bpd. On top of the overtures in Tehran, Iran also plans to holdmeetings with long-standing European customers in Istanbul,Turkey and London within the next several weeks. "I suspect it won't lead to anything real. They want to sendoptimistic signals and try to put prospective customers on thespot," an industry source who has been invited to Istanbul said. Iranian oil officials are also expected to make anappearance at the global oil industry gathering in London nextmonth, International Petroleum Week, after keeping a low profilesince sanctions started. Although a full lifting of sanctions is not expected in theshort term, Iran is preparing the ground for a return to theEuropean market. Buyers, on their part, expect competitivepricing when it does. The halting of Iranian crude imports together with reducedoutput from Iraq and Libya have weighed heavily on Europeanrefining profits. "The Iranians are testing the water: they're doing marketscouting, which is normal," said a senior European oilexecutive. "We still can't import a single drop of Iranian oil, but itdoesn't hurt to show a willingness to keep ties." The table below shows the Iranian crude oil imported bycompanies in Europe, including Turkey, prior to the 2012European oil embargo. Figures in '000s of bpd are based on industry and Reutersestimates. Customer Country Volume '11 Tupras Turkey 200 Total France 100 Shell UK/NL 100 Hellenic Greece 80 Cepsa Spain 70 Motor Oil Greece 60 Repsol Spain 30 ERG Italy 30 Iplom Italy 30 ENI Italy 20 Saras Italy 20 Total 740

More News
10 Dec 2021 12:17

LONDON MARKET MIDDAY: Stocks lower ahead of key US inflation report

LONDON MARKET MIDDAY: Stocks lower ahead of key US inflation report

Read more
10 Dec 2021 10:41

Shell shareholders vote for move to Britain -preliminary results

AMSTERDAM, Dec 10 (Reuters) - In a preliminary result, Royal Dutch Shell shareholders on Friday voted in favour of a plan to move the company's headquarters and its tax home to Britain.Chairman Andrew Mackenzie announced the preliminary results, ...

Read more
10 Dec 2021 10:17

Siccar Point CEO says Cambo oilfield project paused after Shell exit

LONDON, Dec 10 (Reuters) - Siccar Point CEO Jonathan Roger said on Friday that Royal Dutch Shell's decision last week not to progress the Cambo oilfield project in the British North Sea means the development will have to be paused.Siccar, which ow...

Read more
10 Dec 2021 10:08

UPDATE 1-Royal Dutch Shell shareholders expected to approve move to London

* If approved, Shell's move expected in early 2022* British tax base seen making buybacks, dividends easier* Dutch withholding tax a factor in Shell's decision* Shell says move will not affect its environmental policy (Updates with colour from meeti...

Read more
10 Dec 2021 00:25

UPDATE 2-Royal Dutch Shell shareholders back plan to shift to London

* British tax base seen making buybacks, dividends easier* Dutch withholding tax a factor in Shell's decision* Shell says move will not affect its environmental policy (Recasts with shareholder vote)By Toby Sterling and Ron BoussoROTTERDAM/LONDON, D...

Read more
9 Dec 2021 13:37

S.Africa energy minister defends Shell's planned seismic blasting on Wild Coast

* S.Africans protest against oil search in pristine stretch* Area home to whales, penguins, dolphins, seals* Objectors want Africa to stay poor, Gwede Mantashe saysBy Tim CocksJOHANNESBURG, Dec 9 (Reuters) - South Africa's energy minister defended o...

Read more
9 Dec 2021 10:10

UPDATE 2-European shares fall again on Omicron worries

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)* Deutsche Bank skids after DoJ violation report* Defensive sectors cap losses* Investors eye U.S. CPI data due Friday (Updates to close)By ...

Read more
6 Dec 2021 16:58

LONDON MARKET CLOSE: Airlines lift off as Omicron fears ease

LONDON MARKET CLOSE: Airlines lift off as Omicron fears ease

Read more
6 Dec 2021 12:16

LONDON MARKET MIDDAY: Stocks rise as Fauci helps soothe Omicron fear

LONDON MARKET MIDDAY: Stocks rise as Fauci helps soothe Omicron fear

Read more
6 Dec 2021 12:13

UPDATE 4-BP says Brent benchmark reform should include U.S. oil, dump Brent

(Adds background)By Julia PayneLONDON, Dec 6 (Reuters) - BP supports the addition of U.S. oil crude grade WTI Midland to global dated Brent, suggesting the removal in the medium-term of Brent and Forties grades from the benchmark as flows have eva...

Read more
5 Dec 2021 13:57

S.Africans protest against Shell oil exploration in pristine coastal area

By Siyabonga SishiPORT EDWARD, South Africa, Dec 5 (Reuters) - South Africans took to their beaches on Sunday to protest against plans by Royal Dutch Shell to do seimsic oil exploration they say will threaten marine wildlife such as whales, dolphi...

Read more
3 Dec 2021 16:05

UK shareholder meetings calendar - next 7 days

UK shareholder meetings calendar - next 7 days

Read more
3 Dec 2021 14:31

Nigeria's Bonga oil export terminal in maintenance until next week - Shell

LONDON, Dec 3 (Reuters) - Nigeria's Bonga crude oil export terminal is undergoing planned maintenance until next week, operator Shell said on Friday.Bonga is typically one of the larger export streams from Africa's largest oil producer. It was sch...

Read more
3 Dec 2021 12:06

LONDON MARKET MIDDAY: Jitters turn from Omicron to US nonfarm payrolls

LONDON MARKET MIDDAY: Jitters turn from Omicron to US nonfarm payrolls

Read more
3 Dec 2021 10:19

Shell wins court case to start seismic surveys offshore South Africa

CAPE TOWN, Dec 3 (Reuters) - A South African high court on Friday struck down an urgent application brought by environmentalists to stop oil major Royal Dutch Shell starting seismic surveys to explore for petroleum systems off the eastern seaboar...

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.