According to an official at state-run National Iranian Oil Co, Tehran is planning to move beyond dollar’s impact.
Iran will invoice for oil delivery in euro. According to media sources, it is referred to the contracts with TOTAL, CEPSA and LUKOIL subsidiary Litasco. Reuters news agency reported that the companies refused to comment on this information.
“The invoice will have supplementary clause stipulating that oil buyers are to pay in euro in respect to dollar exchange rate at the time of delivery”, said Reuters representative underlying that it is due to political reasons.
Furthermore, Tehran is planning to return its money back that was tied up due to imposed sanctions by the USA. The amount of money is approximately 100 billion dollars.
It is not the first attempt of Iran to proceed to payments in euro. In 2007 Tehran called for OPEC to pay in euro. However, at the time they took a stand against the proposal of the president of Iran Mahmoud Ahmadinejad.
On the 20th of January Iran reduced the oil price for Europe to compete with Saudi Arabia. The price for Iran Heavy is $6.55.