Iran exports first oil shipment to Europe since nuclear deal

TEHRAN, Iran -- Iran says it has exported its first crude oil shipment to Europe since it reached a landmark nuclear deal with world powers, the official IRNA news agency reported Sunday.

See Full Article

IRNA quoted Deputy Oil Minister Rokneddin Javadi as saying the shipment was the first in five years and marked "a new chapter" in Iran's oil industry.

He did not elaborate but IRNA said several western tankers have loaded Iran's oil in recent days.

Iran plans to add one million barrels to its oil production following implementation of the nuclear deal, which lifted international sanctions in exchange for Iran restricting its nuclear activities.

Iran expects an economic bonanza after the lifting of sanctions, which will allow it to access overseas assets and sell crude oil more freely.

Javadi said Iran has already reached agreement to export oil to France, Russia and Spain.

The country used to export 2.3 million barrels per day but its crude exports fell to 1 million in 2012. Iran's total production currently stands at 3.1 million barrels per day.

In order to retake its market share, Iran said in January that it will add to its production despite the drop in prices and should not be blamed for the further price drops. Iran's regional rival Saudi Arabia is OPEC's largest producer.

In November, Tehran unveiled a new model of oil contracts aimed at attracting foreign investment in anticipation of the lifting of sanctions. Iran has sweetened the terms of the new model, hoping to bring in $30 billion in new investment. The new contracts last 15 to 20 years and allow for the full recovery of costs. The older model contracts were shorter term and investors complained of heavy risks and losses.



Advertisements

Latest Economic News

  • Bombardier signs deal to sell Aventra trains in U.K.

    Economic CTV News
    BERLIN - Bombardier Transportation (TSX:BBD.B) has signed a deal to supply 333 new rail cars, along with a contract for maintenance work, with a U.K. rail company. Corelink Rail Infrastructure and West Midlands Trains will receive 333 new Bombardier Aventra vehicles for use on the United Kingdom's West Midlands Trains franchise. Source
  • Ride-hailing service Lyft expands outside U.S. for 1st time to take on Uber in Canada

    Economic CBC News
    Starting today, Torontonians will have another option to get around the city. Lyft has launched outside the U.S. for the first time, putting pressure on Uber for a share of the ride-hailing market. Other Canadian cities are in Lyft's sight as the company, Uber's main rival in the U.S. Source
  • Cost of child care up by 20% in some cities since 2014, report finds

    Economic CBC News
    The cost of child care is rising quickly in Canada, in some cities increasing by as much as 20 per cent from three years ago and more than 10 per cent in most of Canada. Source
  • Judge hears stay request for ex-Amaya CEO, others

    Economic CBC News
    Even before the first witnesses could be heard at a rare insider trading case that involves former Amaya CEO David Baazov and others, lawyers representing the accused attempted Monday to have the charges stayed. Baazov, 37, has pleaded not guilty to securities-related charges following an investigation by the Autorité des marchés financiers, Quebec's stock market regulator, into the allegations of insider trading. Source
  • Uber charges Toronto customer more than $18,000 for short downtown ride

    Economic CTV News
    TORONTO - Uber is apologizing to customer who was charged more than $18,000 for a short ride in downtown Toronto. Photos posted on social media over the weekend showed that an Uber rider was billed $18,518.50 for a 21-minute Uber ride. Source
  • Conservatives ask OPP to investigate ineligible expenses by power generators

    Economic CTV News
    TORONTO -- The Progressive Conservatives have asked the Ontario Provincial Police to investigate millions in ineligible expenses -- including scuba gear and raccoon traps -- filed by nine power generators in the province. Auditor general Bonnie Lysyk reported last week that the generators claimed up to $260 million in ineligible costs between 2006 and 2015, under a program designed to pay power generators for fuel, maintenance and operating costs when the system operator puts them on standby to…
  • Onex Corp. to buy venue manager SMG Holdings for undisclosed price

    Economic CTV News
    TORONTO -- Onex Corp. (TSX:OCX) says it has agreed to acquire a U.S. company that manages hundreds of sports, entertainment and business venues including Soldier Field, home to the NFL's Chicago Bears. The Toronto-based private equity company didn't disclose how much it will pay for privately held SMG Holdings Inc. Source
  • Apple buys music identifying app Shazam

    Economic CBC News
    Shazam has been valued at roughly $1 billion US. (Simon Dawson/Bloomberg) Apple is buying Shazam, a popular app that identifies music for users by listening to a short snippet of it. Technology website Techcrunch first reported on the possibility of the merger last week before Apple made it official in a statement Monday. Source
  • Securities-related trial underway in Montreal for ex-Amaya CEO David Baazov

    Economic CTV News
    MONTREAL -- The securities-related trial of former Amaya CEO David Baazov and others accused of insider trading is underway at the Montreal courthouse. It is opening with a request by the defence to have the case tossed due to unreasonable delays in getting evidence. Source
  • Stay request at insider trading trial for ex-Amaya CEO David Baazov, others

    Economic CTV News
    MONTREAL -- Even before the first witnesses could be heard at a rare insider trading case that involves former Amaya CEO David Baazov and others, lawyers representing the accused attemped Monday to have the charges stayed. Source