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Chinese tanker loads Iranian crude for first time since EU ban

Press TV – April 3, 2013

A Chinese supertanker loaded crude from Iran’s largest export terminal in late March, for the first time since Europe enforced sanctions on Iranian oil shipment insurers in July 2012.

According to shipping data and a Chinese industry official, the Yuan Yang Hu supertanker, able to haul 2 million barrels of crude, docked at Kharg Island on March 20-21 and is currently en route to China.

The vessel is owned by Dalian Ocean, a subsidiary of state shipping giant China Ocean Shipping (Group) Company (COSCO).

At the beginning of 2012, the US and the European Union imposed new sanctions on Iran’s oil and financial sectors with the goal of preventing other countries from purchasing Iranian oil and conducting transactions with the Central Bank of Iran.

China has relied mainly on the National Iranian Tanker Company (NITC) to ship Iranian crude to Chinese refineries over the past nine months.

According to Chinese customs data, China imported about 410,000 bpd of Iranian crude in the first two months of 2013, a figure which is 3 percent higher than one year earlier.

The US has spearheaded several rounds of Western sanctions against Iran in recent years, based on the unfounded accusation that Iran is pursuing non-civilian objectives in its nuclear energy program.

Iran rejects the allegations, arguing that as a committed signatory to the Non-Proliferation Treaty (NPT) and a member of the International Atomic Energy Agency (IAEA), it has the right to use nuclear technology for peaceful purposes.

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April 3, 2013 Posted by | Economics, Wars for Israel | , , , , , | 1 Comment

South Korea resumes Iranian oil supplies

RT | August 8, 2012

South Korea, the fourth largest importer of Iranian crude, plans to resume purchases after a two-month pause due to a European Union embargo.

­South Korean refiners and the National Iranian Tanker Company (NITC) are negotiating the details of a deal, which would allow supplies to restart from September, Reuters reported citing government sources. Tehran offered to deliver crude in its own tankers and provide up to $1 billion shipment insurance cover.

SK Energy and Hyundai Oilbank – the only two South Korean refiners that import Iranian crude, have confirmed that they are involved in negotiations with NITC. Though it’s unclear whether Iran had offered South Korea a discount for crude.

South Korea, India, Japan and China are the biggest importers of Iranian crude, accounting for more than half of its oil exports. In May, Seoul announced it would halt crude import from the Islamic Republic, becoming the first major importer of Iranian oil to give up supplies due to the EU sanctions.

EU sanctions banning Iranian oil as well as insurance affect Asian customers as they rely on EU companies to insure their shipments. Nearly 90% of the world’s tanker fleets are covered by 13 international P&I clubs from the EU.

Meanwhile Japan approved providing $7.6 billion insurance coverage for Iranian tankers, while China offered to use its own vessels for delivery. India has given permission to its state-run refiners to import Iranian oil on condition Tehran arranges insurance.

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August 8, 2012 Posted by | Economics, Wars for Israel | , , , , , | Leave a comment