Iran in talks to export 4 MM barrels of oil per month to Philippines
ANKARA (Reuters) -- National Iranian Oil Company (NIOC) is negotiating with the Philippines over exporting four million barrels of crude per month to the country, Iran's English-language Press TV quoted a statement published on Friday by the NIOC as saying.
"The National Iranian Oil Company is in talks with Philippines' National Oil Company (PNOC) to export 4 million barrels per month," the statement said.
PNOC is one of the 11 companies in a consortium of international companies, known as Pergas, which has signed a non-disclosure agreement (NDA) with the National Iranian South Oil Company (NISOC) for carrying out studies over two oilfields in Iran, Press TV said.
"Based on the deal, the consortium will have 6 months to hand over the result of its studies on the fields to the NISOC. Pergas may submit its proposal for development of the fields sooner if it is ready," it said.
Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), won an exemption from the group's production cuts agreed on Nov. 30 and may raise output slightly.
Iran, OPEC's third-largest oil producer, exports more than 500,000 bpd of refined products, mainly fuel oil, petroleum gas and naphtha to Asian markets, according to OPEC.
Sanctions were lifted in January 2016, under a deal reached between Iran and six major powers in 2015 aimed at curbing the country's nuclear program.
Writing by Parisa Hafezi; Editing by Mark Potter
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