Iran Boosts Oil Trade Via UAE

Iran Boosts Oil Trade Via UAE

Iran has boosted fuel oil exports through the UAE and also almost doubled its imports of gasoline, although western sanctions are still in place, trading sources said.
The resumption of some direct shipments of refined oil products from Iran's Bandar Mahshahr to the UAE's Fujairah Port contrasts with the more intricate means Tehran had employed using ship-to-ship transfers and trading firms in the UAE acting as middlemen for buyers to sidestep sanctions, Reuters reported.
State-owned National Iranian Oil Company has now started to offer much more fuel and at much more attractive discounts, trading sources said.
It is also using its own ships to sail directly to Fujairah, saving buyers costly freight charges, as it becomes more proactive in anticipation of lifting sanctions next year, the sources said.
"Now because they think the sanctions are over, they are shipping more; I have seen around 6 to 7 shipments (of fuel oil) coming through Fujairah … the volumes are bigger now," said one source.
"Sometimes they use their own ships. They need to put these cargoes out even before sanctions are lifted. People are ready to buy it if they can offer $2-3 discounts on the price."
The trading sources estimated Iranian fuel oil exports at around 350,000-500,000 tons per month in September and October. "Internally, they use more natural gas for power utilities, therefore export of fuel oil is at that high level," said another trading source.
A third trading source said fuel oil shipments from Iran are being pumped into Fujairah Oil Tanker Terminal 2, but since they are then shipped from there to Asia, port regulations are less strict than if the cargoes were to remain in the UAE.

Short URL : https://goo.gl/UnnqUB
  1. https://goo.gl/AfEiuo
  • https://goo.gl/9zCk1F
  • https://goo.gl/6PWc93
  • https://goo.gl/OwHMlL
  • https://goo.gl/mbT1cF

You can also read ...

NIOC Making Decision on Changuleh Joint Oilfield
The National Iranian Oil Company is weighing up whether to...
Norwegians Discussing Wind, Solar Joint Deals
In line with efforts to enhance the country's renewable power...
A view of the South Pars Gas Field in Kangan, Bushehr Province
Pushing its multibillion-dollar Iran venture on several fronts...
IDRO, Chinese Firm Sign PV Panel Deal
The Industrial Development and Renovation Organization of Iran...
More Than 5% of Aramco May Be Offered Beyond IPO
Saudi billionaire investor Prince Alwaleed Bin Talal on Monday...
OPEC Denies Controlling Oil Market
The global oil market is not controlled by the Organization of...
The market is in a tug of war between short-term bullish drivers and concerns for market rebalancing.
Oil prices held on to last week’s gains on Monday, supported...