National Iranian Oil Company (NIOC) has signed a new crude and condensate sales agreement with Sinopec of China, a report said.

"Oil sales to Chinese firms was not halted even during the years of sanctions and negotiations are underway to increase crude oil sales and exports to the East Asian country,” NIOC's executive director for International Affairs Mohsen Qamsari was quoted as saying in the Iran Daily report, which cited Mehr News Agency.

"Accordingly, crude oil will be supplied to four or five subsidiaries of the Chinese firm,” he added. "Current Iran exports more than 500,000 barrels per day to China and this figure is likely to increase further in 2016."

"The current export figure for gas condensate is insignificant and stands at below 100,000 barrels,” he was quoted as saying in the report.