BP buys Iranian oil for first time since ban lift

Worldwide Oil Giant BP has recently purchased a quantity of natural gas condensate from Iran’s state-owned oil company, marking the first time it has done so since sanctions upon the Middle Eastern country were removed in January.

BP is, however, not the first oil major to make such a purchase – back in July, Royal Dutch Shell, which makes Shell Gadus S2 V100 3, shipped a container of Iranian crude oil to Europe, and French oil company Total SA made a purchase way back in February.

The lifting of sanctions against Iran has led to the country becoming, once again, one of the planet’s top suppliers of both natural gas liquids and crude oil.

The news that BP has purchased National Iranian Oil Co. natural gas condensate came from a National Iranian Oil Company (NIOC) official, who asked to remain anonymous due to internal policy. The official revealed that NIOC will load South Pars Condensate during the September/October period, and will either be used at a BP refinery or sold on to other oil users.

Bloomberg attempted to verify the news with a London-based BP spokeswoman, but she declined to discuss the deal, which represents a milestone for Iran as OPEC’s third-biggest producer. For the nation which has been destroyed by sanctions against its nuclear program, this latest deal will perhaps give some hope that the its oil industry is set to once more thrive, and assist the country in its recovery.