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Oct 31, 2016

Hungary in oil talks with Iran

Hungary's MOL Group and The National Iranian Oil Company (NIOC) have conducted a new round of negotiations for long-term crude sales contracts

Hungary is in the latter stages of talks with Iran, it has been revealed today.

Hungary's multinational oil and gas company MOL Group  and The National Iranian Oil Company (NIOC) have conducted a new round of negotiations for long-term crude sales contracts, tradearabia.com reports.

NIOC executive director for international affairs Mohsen Qamsari held talks in Budapest with MOL officials on long-term and permanent contracts for crude oil sales.

The MOL Group had earlier proposed to NIOC for a daily import of 30,000 to 40,000 barrels of Iran's light oil.

The parties also discussed investments in upstream and downstream sectors of Iran's oil industry with Hungarian officials, the report concluded.