Iran Oil Trade Booming Despite Sanctions

A03341103.jpgTEHRAN (FNA) Iran’s oil trade is unaffected by West’s banking pressure and the country is exporting just over 2.4 million barrels per day of crude, a senior Iranian oil official said yesterday.

US and UN sanctions over Tehran’s nuclear program have targeted Iranian banks, while international banks have come under pressure not to deal with the world’s fourth largest oil exporter and have scaled back or halted operations.

But Hojjatollah Ghanimifard, international affairs director at the state-owned National Iranian Oil Company, said, “We have no problems with transactions for exports of crude or imports of products.”

Ghanimifard declined to comment on whether international companies involved in oil trade with Iran had experienced problems obtaining letters of credit from banks for transactions. Any problems with letters of credit could be sidestepped with alternative arrangements, he said.

“We could find other means aside from letters of credit, whatever buyers or sellers are happy with,” he added.

Iran bought a second rare cargo of gas oil loading from Singapore yesterday. It typically buys gas oil from Abu Dhabi or India’s largest refiner Reliance.

Asian traders said Reliance may have stopped product exports to Iran. Ghanimifard said he was unaware of any halt in shipments from Reliance.

Check Also

Syrian Thaw? Arab Normalization With Damascus Ahead Of Arab League Summit – Analysis

As Arab states prepare to reconvene this March for the 37th Arab League Summit in …