IRAN

Shell Renews Term Contract with Iran

In a flurry of activity before the Vienna OPEC conference, Iran appears to have lined up a number of crude sales deals, mostly renewals of previous contracts.

The biggest of these, MEES understands, is a six-month renewal of NIOC's term contract with Shell International (SITCO) which provides for deliveries of up to 120,000 b/d. Shell also takes a further 80,000 b/d from Iran under a processing deal, so that total Shell liftings of Iranian...