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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

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: November 25, 2014
INTERNATIONAL. In the end, it is unlikely that the territorial Islamic State can survive. The truth is that Turkey, Iran and Saudi Arabia are all waiting for the U.S. to solve the problem with air power and a few ground forces. These actions will not destroy IS, but they will break the group's territorial coherence.
date:Posted: November 25, 2014
BAHRAIN. The "increasingly deregulated and competitive economic environment is facilitating rapid growth in business development within the private sector."
date:Posted: November 25, 2014
INTERNATIONAL. Participants in the global oil market are eagerly awaiting the Opec meeting on November 27, which could potentially set the tone and the direction of oil prices.
INTERNATIONAL. In the end, it is unlikely that the territorial Islamic State can survive. The truth is that Turkey, Iran and Saudi Arabia are all waiting for the U.S. to solve the problem with air power and a few ground forces. These actions will not destroy IS, but they will break the group's territorial coherence.
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