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National Iranian Oil hires vessel to ship gasoil from Singapore
Source: BI-ME and Bloomberg , Author: BI-ME staff
Posted: Fri February 15, 2008 12:00 am
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IRAN. National Iranian Oil Co. hired a tanker to transport 80,000 metric tons of gasoil or diesel to the Middle East gulf from Singapore, a shipbroker said.

The state oil company's shipping unit National Iranian Tanker Co chartered Champion Pride, owned by Nippon Yusen for a voyage starting on 22 February for US$550,000, Odin Marine (Singapore) said in a report today. The company last month hired Silvaplana, owned by Lukiardopulo & Co, to deliver a similar cargo from Singapore.

Iran, the second-largest oil producer in the Middle East, imports products such as gasoline and diesel as it doesn't have adequate refining capacity to meet rising demand. Iran imports around 100,000 barrels a day of gasoline, Energy Security Analysis said in its six-monthly Asian oil product report.

A US-led push to isolate Iranian banks from the global financial system because of terrorist-related activities intensified since 2006, said the Wakefield, Massachusetts-based research firm in the report e-mailed to Bloomberg News.

Non-US banks including BNP Paribas and Credit Agricole stopped providing letters of credit, used to guarantee payment on overseas fuel purchases, to banks in the Islamic Republic, the report said. Indian refiner Reliance Industries and Swiss oil trader Vitol Group ceased 50,000 barrels a day to 70,000 barrels a day of gasoline sales to Iran, it said.

Iran has agreements to buy gasoline and diesel from the Kuwait-based Independent Petroleum Group and a Trafigura-linked company over the next six months, International Oil Daily said this week, citing unidentified traders.

Champion Pride is a double-hulled tanker built in 1998, according to Bloomberg data.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: March 3, 2015
INTERNATIONAL. Unexpected developments can catch the herd wrong-footed and spark major movements when the masses scatter at the same time. When that occurs, those who resisted the herd may find themselves rewarded. We believe that we are approaching such a point.
date:Posted: March 3, 2015
QATAR. QNB Group report examines recent developments and the outlook for the Qatari economy as it continues its strong growth based on large investment spending.
date:Posted: March 3, 2015
INTERNATIONAL. This isn't about Netanyahu and Obama, and both know it. It is about the reconfiguration of a region the US cannot subdue and cannot leave. It is the essence of great power strategy: creating a balance of power in which the balancers are trapped into playing a role they don't want.
INTERNATIONAL. This isn't about Netanyahu and Obama, and both know it. It is about the reconfiguration of a region the US cannot subdue and cannot leave. It is the essence of great power strategy: creating a balance of power in which the balancers are trapped into playing a role they don't want.
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