Iran sets conditions on French, British firms for buying crude

TEHRAN, Feb. 23 (MNA) – The National Iranian Oil Company (NIOC) set conditions on the biggest oil firms in Britain and France for buying Iranian crude. The NIOC managing director said France's Total and the UK's Shell and BP will be subject to the conditions if they wish to purchase oil from Iran. “They should be obliged not to deliver Iranian oil to French or British refiners,” Ahmad Qalebani said. “They have to sign 2 to 5 year contracts. Moreover, they should not set any precondition for buying Iranian crude.” Iranian Oil Ministry spokesperson Ali Reza Nikzad-Rahbar announced on Sunday that crude exports to British and French companies have been halted. France and Britain were the main architects of the European Union’s oil embargo against Iran. The Iranian parliament has prepared a plan calling for a halt to Iran’s oil exports to the European Union states that voted for sanctions on the country’s oil industry. The NIOC has predicted that international spot price for oil will jump to $150 per barrel due to Iran’s plan to suspend exports to some European states.