Iran in Talks with Philippines over Oil Exports: Report
TEHRAN (Tasnim) – Iran is in negotiations with the Philippines to sell four million barrels of crude per month to the Southeast Asian country, a report said.
"The National Iranian Oil Company is in talks with Philippines' National Oil Company (PNOC) to export 4 million barrels per month," a statement by the NIOC said, Shana reported.
PNOC is one of the 11 companies in a consortium of international companies, known as Pergas, which has signed a non-disclosure agreement (NDA) with the National Iranian South Oil Company (NISOC) for carrying out studies over two oilfields in Iran.
"Based on the deal, the consortium will have 6 months to hand over the outcome of its studies on the fields to the NISOC. Pergas may submit its proposal for development of the fields sooner if it is ready," it added.
Iran and the Philippines started bilateral relations in 1974. In recent years, the two countries have expressed their desire to work to enhance the existing friendly relations and to increase cooperation in various political, economic and cultural areas.