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Hungary's MOL, Iran seek long-term oil contracts

A Fresh round of oil negotiations was conducted between Iran’s NIOC and Hungary’s MOL Group over inking long-term crude sale contracts.

Hungary's MOL, Iran seek long-term oil contracts
(Sunday, October 30, 2016) 10:22

Executive Director for International Affairs at National Iranian Oil Company (NIOC) Seyyed Mohsen Ghamsari made a visit to Budapest and began a new round of talks with MOL, the largest integrated oil and gas company from Hungary, to ink long-term and permanent contracts for crude oil sales.

During his stay in Hungary, Iran’s Ghamsari, in addition to attending a meeting with MOL officials, made a visit to a Hungarian refinery.

Other axes of talks between Iranian and Hungarian officials in Budapest, apart from long-term sales of crude oil, included investments in upstream and downstream sectors of Iran’s oil industry.

Negotiations kick off in the European country at a time when Iran has recently shipped one million barrels of crude oil to Hungary.

MOL Group of Hungary had previously made an official proposal to NIOC calling for a daily import of 30 to 40 thousand barrels of Iran’s light oil. Nevertheless, restrictions on light oil production and high capacity of heavy crude had remained as the main barriers to exports of Iranian crude to Hungary as an oil consumer in the Eastern Bloc.

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