Iran in Talks With Egypt to Sell Crude, Oil Minister Qasemi Says

Iran is negotiating with Egypt to sell crude oil to the North African nation, Iranian Oil Minister Rostam Qasemi said.

“Necessary negotiations are underway between the two sides,” Qasemi said without elaborating, according to a report posted today on Shana, the ministry’s website.

Egyptian Oil Minister Osama Kamal said last month’s visit to Iran by his country’s President Mohamed Mursi will probably open doors for economic cooperation between the two nations, Egypt’s state-run Al-Ahram newspaper reported Sept. 4.

Iran, a member of the Organization of Petroleum Exporting Countries, is seeking new customers for its oil amid a tightening of economic sanctions imposed by the U.S. and European Union over its nuclear program. Iranian crude output fell by 350,000 barrels a day in August to 2.75 million barrels, according to data compiled by Bloomberg.

Iran says it wants nuclear power for civilian use, while the U.S. and its allies say the government in Tehran may be pursuing atomic-weapons technology.

To contact the reporter on this story: Ladane Nasseri in Dubai at lnasseri@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net