Spain's Repsol buys 1 million barrels of oil from Iran

- Finance - Jun 27, 2016

Repsol, Spain's largest oil company, signed a contract with Iran to buy one million barrels crude oil for delivery in July, according to the country's Ministry of Petroleum.

Iran's oil exports to Europe have risen up since clinching a landmark nuclear deal between Iran and the six world powers last year. 

Iranian oil exports to Europe, which used to be 100,000 bpd, has neared 600,000 bpd today and is expected to rise to 700,000 bpd. 

Repsol's contract with Iran is among the latest contracts between Iran and European companies. Russia’s energy giant Lukoil said it plans to resume refining Iranian oil on the Italian island of Sicily.

Lukoil Chief Executive, Vagit Alekperov said his group will now resume processing Iranian oil at the ISAB refinery in Sicily where Russian Urals was used during years of sanctions on Iran.

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