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News 22 Feb 16

Romanian Refinery to Process Iranian Oil

A first Iranian oil shipment will arrive in Romania soon, as the country takes advantage of the lifting of international sanctions against Tehran.

Marian Chiriac
BIRN
Bucharest
 
The Romanian port of Constanta on the Black Sea | Photo: Facebook

A first cargo of around a million barrels of crude oil is to arrive this week at the Romanian port of Constanta, marking the return of Iran to the European market after years of international sanctions against Tehran. 

A further three million barrels are expected to be shipped to Spain and other European ports for France’s Total Oil, according to media reports. 

The oil delivered to Romania is destined for the Petrotel refinery in the southern Romanian city of Ploiesti, which is owned by Russian company Lukoil. 

Analysts say this will help Petrotel to recover after prosecutors seized assets worth some 2 billion euro last year in connection with a tax evasion and money-laundering probe.

The Petrotel refinery is still functioning, but not at its maximum capacity.

Economic analysts say Romania must take further advantage of the reopening of the Iranian market. 

“Romania has to renew its traditional economic relations with Iran, a huge market, with good financial resources. We could export [everything] from industrial equipment to IT solutions there,” said Adrian Negrescu from business information company Keysfin. 

Trade between Romania and Iran amounted to some $150 million last year, more than half of what it was before sanctions were imposed on Tehran. 



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