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OMV receives first Iranian Oil shipment since 2012

6 October 2016

OMV receives first Iranian Oil shipment since 2012

OMV, Austria’s biggest oil and gas company, has received Iran’s first shipment of crude oil, a Reuters report said. OMV received 1 million barrels of crude oil from Iran in a spot delivery at the Italian port of Trieste. The oil will be sent to two refineries in Austria and Romania. This was the first delivery since 2012, when sanctions were imposed on the country.

OMV is in talks with Iran about future deliveries, although no such contract has been signed yet, a spokesman of the firm said. Back in May, the National Iranian Oil Company (NIOC) and OMV penned a memorandum of understanding (MoU) in a bid to revive energy cooperation between the two sides. The MoU concerns the evaluation of various fields in the Zagros area in the west of Iran, for potential future development.

In addition, OMV and NIOC have signed a joint study agreement for evaluation of potential hydrocarbon prospects in the Fars area, for which a two-year study program has been agreed between the parties, according to the OMV Public Relations. "This Memorandum of Understanding is an important first step in resuming OMV's activities in Iran and in the long-term cooperation with the NIOC," OMV Chief Executive Rainer Seele said at the time. "We look forward to evaluating the opportunities of OMV in Iran and the cooperation with NIOC to evaluate whether there are areas of potential cooperation in the exploration and development of oil and gas," he added.