Posted on 07/27/2010 4:08:23 AM PDT by nuconvert
Only three cargoes of gasoline have so far reached Iran in July, according to a shipping document seen by Reuters, much less than the seasonal norm, as new sanctions cause ships carrying fuel to be diverted.
A series of new sanctions agreed since June specifically targets Iran's oil trade and industry, making it even harder to do business with the Islamic Republic. The EU adopted formally its latest measures on Monday.
Iran is the world's fifth largest crude exporter, but has to import around 40 percent of its gasoline needs because domestic refining capacity is inadequate.
Traditionally during the summer holiday driving season, Iran needs 11-13 cargoes a month, a Dubai-based trader told Reuters.
The document seen by Reuters showed only three cargoes of gasoline had arrived this month and were supplied by Turkish refiner Tupras and Unipec, the trading arm of China's Sinopec.
(Excerpt) Read more at reuters.com ...
pong
Busting the embargo: China and Turkey. Next aboard, Russia and Venezuela.
Turkey will replace Dubai as a key transit point of trade with Iran. Turkey is also becoming a major supplier of refined oil to Iran, after many international oil companies have withdrawn from that country.
Turkish officials told The Financial Times that they will abide by the sanctions imposed by the UN Security Council but not with the additional sanctions imposed by individual countries (referring to the U.S. and EU).
[With Dubai imposing various restrictions on the transit trade to Iran, it will be interesting to see whether there will be a spike in imported goods by Turkey, particularly in electronics which are restricted by the sanctions resolution, that are destined for the Islamic Republic.]
http://www.thememriblog.org/blog_personal/en/28866.htm
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