IRAN

Mitsubishi Contracts for 3.5-4.5Mn Barrels of Iranian Heavy in July

MEES learns that Japan's Mitsubishi Corp. has undertaken to buy, on behalf of certain Japanese refiners including Cosmo and Showa, some 3.5mn barrels of Iranian Heavy crude on a spot basis during July. This volume may be increased to 4.5mn barrels if Mitsubishi can find placement for the extra crude among Japanese refiners. The price for the Iranian Heavy paid to NIOC by Mitsubishi is understood to be Dubai minus...