Egypt's Sisi praises Bohra community's restoration efforts of Islamic sites    Egyptian pound closes high vs. US dollar – CBE    Australia's services PMI slows to 51 in April '25    Egypt condemns attacks on infrastructure in Sudan    Egypt's CBE auctions EGP 5b in FRN T-bonds    Egypt's pharma market hits EGP309b in '24 – EDA Chairman    Mashrou'ak injects EGP 32.4bn into local development projects since 2015    Egypt, Comoros pledge stronger economic ties, call for unified African voice on global issues    Gaza endures escalating massacres, humanitarian collapse amid diplomatic tensions    Beit El Watan initiative generates $10bn in sales: Minister    Egypt, Saudi Arabia deepen health sector cooperation with comprehensive MoU    Gold prices drop by EGP 140 in local market over one week: iSagha    Trump rules out third term, says Fed's Powell will stay, voices doubt on Ukraine peace    White House to cut NASA budget    Egypt's UHIA launches 1st electronic medical pricing system    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    EU ambassador commends Aswan's public healthcare during official visit    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    UNFPA Egypt, Bayer sign agreement to promote reproductive health    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's Gypto Pharma, US Dawa Pharmaceuticals sign strategic alliance    "5,000 Years of Civilizational Dialogue" theme for Korea-Egypt 30th anniversary event    Sudan conflict, bilateral ties dominate talks between Al-Sisi, Al-Burhan in Cairo    Cairo's Madinaty and Katameya Dunes Golf Courses set to host 2025 Pan Arab Golf Championship from May 7-10    Between Women Filmmakers' Caravan opens 5th round of Film Consultancy Programme for Arab filmmakers    Fourth Cairo Photo Week set for May, expanding across 14 Downtown locations    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Ancient military commander's tomb unearthed in Ismailia    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Egypt's FM praises ties with Tanzania    Egypt to host global celebration for Grand Egyptian Museum opening on July 3    Ancient Egyptian royal tomb unearthed in Sohag    Egyptian Minister praises Nile Basin consultations, voices GERD concerns    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Iran plans to sell oil via private group, evade ban
Tehran attempts to escape sanctions by selling its oil to European refiners through a private consortium thereby skirting a European ban on shipping insurance for tankers carrying Iranian oil
Reuters Published in Ahram Online on 07 - 07 - 2012

Iran has reached agreements with European refiners to sell some of its oil through a private consortium, an official said on Saturday, a move designed to circumvent sanctions intended to put pressure on Tehran to halt its disputed nuclear programme.
The head of the oil products exporters' union said the agreement between the exporters' union, Iran's central bank, and the oil ministry would get round a European Union ban on shipping insurance for tankers carrying Iranian oil, though he gave few details and did not name the refiners involved.
The EU put into effect a ban on the importation, purchase, or shipping of Iranian oil on July 1, and the Islamic Republic will see its oil exports fall by more than 50 percent this month from last year's regular levels, costing it billions of dollars a month in revenue.
"There have been discussions with European refiners, and a final agreement has even been reached," said Hassan Khosrojerdi, the exporters' union head, according to Iran's Mehr News Agency.
"In accordance with the agreement, it is planned that 20 percent of Iran's oil exports will go through this private consortium."
He added: "It is likely that because of international restrictions, we will give minor privileges or discounts to some of the buyers of our oil."
Khosrojerdi did not say which refiners were involved or how they would receive the oil. Asked what steps had been taken to circumvent the shipping insurance ban, he said only "With the agreement with some of the European refiners, this problem has been solved completely."
Iran's oil ministry authorised the private export of Iranian oil in May, the Iranian Student News Agency reported at the time.
Historically, Iran's National Iranian Oil Company (NIOC) was solely responsible for the sale and marketing of Iran's crude.
Before the EU embargo, Iran sold about one fifth of its crude to Europe. EU sanctions targeting insurance have severely disrupted Iran's oil sales to Asia as well, and Japan, one of Iran's top buyers, will import no Iranian crude in July.

Clic here to read the story from its source.