IRAN

Iran Finalizes 300,000-400,000 b/d of Crude Sales on Product Netback Price Basis 

MEES learns that Iran's NIOC has now finalized crude oil supply deals totaling 300,000-400,000 b/d with a number of European and US firms - including Shell, BP, Amerada-Hess and Texaco - on a product netback or "deemed processing" price basis. According to MEES sources, confirmation of the deals was telexed by NIOC to the companies concerned at the end of May, and deliveries are...