Iran Refrains from Oil Delivery to Greece

FARS – Iran Government
Monday, February 27, 2012
Greek Tanker Eagle Otome. Credit Iran Official News Agency FARS

TEHRAN (FNA) - A Greek tanker returned home unloaded after Iran refrained from supplying crude oil to the crisis hit European state, FNA learned on Sunday.

According to FNA dispatches, Iran refrained from supplying the 500,000-barrel cargo to the Greek tanker which was due to deliver it to Hellenic Petroleum refinery.

The development came days after Iranian Oil Minister Rostam Qassemi called on the European countries to make a final decision on oil imports from Iran, warning that they will be sanctioned by Tehran otherwise.

Iran has recently imposed a ban on oil exports to Britain and France as the main two states which pushed the EU to ratify sanctions on oil imports from Iran.

Tehran's last Sunday decision to cut oil supplies to Britain and France came after the EU member states decided to impose a ban on Iranian oil, but said that they would put their decision into effect after six months in a bid to find a replacement for Iranian energy supplies.

A December meeting of the EU foreign ministers in Brussels failed to reach an agreement on such oil embargos against Iran after several members of the European bloc, specially crisis-hit Greece, voiced opposition to any sanction on Iranian oil, pushing France, the most hawkish EU member, back.

Greece would be particularly affected by oil sanctions as other exporters have refused to deal with Greek traders. According to official reports, previous suppliers of crude oil, Russia, Azerbaijan and Kazakhstan, have stopped trading with Greece due to precautionary measures in case Greece is unable to pay, even though thus far no payments have been reneged on. But, Iran has extended credit to Greece, which few other oil exporters are willing to do.

Yet, after months of White House pressures on the EU, the European bloc eventually agreed in a ministerial meeting of the member states on January 23 to sanction oil imports from Iran and freeze the assets of Iran's Central Bank within the EU.

Following the move, Tehran summoned the ambassadors of Italy, Spain, France, Greece, Portugal and the Netherlands to protest at the EU's unilateral sanctions against Tehran over its peaceful nuclear program, and warned them that it would soon stop oil exports to these countries if they do not reverse their decision.

Later in January, the Iranian oil ministry in a statement downplayed the effects of the US and EU's unilateral oil sanctions against Tehran, and said such embargoes would merely harm the European economies and oil consuming countries.

European sanctions against Iran's oil exports will affect the world economy and hurt the European and non-European countries, the statement said.

"The hurried decision by the EU states to use oil as a political tool will have a negative impact on the world economy and specially on the recovering European economies which are fighting to overcome the global financial crisis," it added.

The statement continued that since just 18 percent of oil produced by Iran is exported to European countries, the Islamic Republic can easily replace new markets with the European market.

Several European refineries have gone bankrupt and shut down business after Tehran announced in January that it would soon cut supplies to those EU member states which would sign into the new sanctions against Iranian oil.

Also following Iran's move to cut oil sales to British and French firms, the price of Brent crude hit an eight-month high in Asian markets, reaching $125.47 per barrel on Friday.

 

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Pirates Approach Tanker in Bab El Mandeb

The U.S. Navy Maritime Liaison Office in Bahrain (MARLO) has advised that on or about 12:30 UTC on 14 April, the Master of an oil tanker reported being approached by a white-blue skiff in position 12.

Shippers Turn to Equity Markets as Sector Eyes Recovery

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

YPF Tenders to Buy Fuel Oil for June

State-run oil company YPF launched its second fuel oil tender in April, this time to buy two 50,000 metric ton cargoes (some 375,000 barrels each) to be received

Energy

Ukraine Calls "Easter Truce" As Separatists Hold Firm

The Ukrainian government said it will not attack pro-Russian separatists over the Easter weekend as its U.S. ally threatened Moscow with new sanctions if it

Putin Welcomes New NATO Head

Russian President Vladimir Putin welcomed NATO's selection of former Norwegian Prime Minister Jens Stoltenberg as its new head, saying on Saturday the pair

India's Reliance Q4 Sales Rise

Indian energy company Reliance Industries Ltd posted nearly flat fourth-quarter profits, in line with estimates, as a slimmer margin in its oilrefining business offset higher revenue.

Vessels

Bodies found trapped in S Korean ferry

Divers searching for survivors of a capsized South Korean ferry saw three bodies floating through a window of a passenger cabin on Saturday but were unable to retrieve them,

Havyard to Build Hybrid Battery Arctic PSV

Norway's Havyard says it has signed a contract for the construction of a Havyard 833 WE ICE platform supply vessel with Fafnir Offshore HF. The vessel is to be

Rotterdam port's throughput almost stable

The Port of Rotterdam’s throughput in the first quarter of 2014, at 109 million tonnes, was 0.2% below the level for the corresponding period last year.Split up by goods type,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1631 sec (6 req/sec)