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Iran ships up to 2 million barrels of fuel oil for Singapore

Source: Mehr News Agency

Iran has started moving nearly two million barrels of fuel oil to Singapore in the first such shipment since June, according to an Iran-based port source and Reuters shipping data on Thursday.

Asia's top marine fuel trading hub secured exemption from U.S. financial sanctions on Iran late in June, after authorities leaned on oil companies operating in the city state to cut dealings with Iran.

Although Singapore had been left off the first list of nations exempted from U.S. sanctions, it secured the reprieve after showing a significant dip in oil imports from Tehran.

Shipping data shows the Iranian owned supertanker Leadership, which is set to arrive in Singapore sometime in early October, departed Iranian waters this week.

According to Reuters, Asia's crude imports from Iran are set to recover in September to levels reached before a July 1 insurance ban by the European Union.

Top Asian buyers -- China, India, Japan and South Korea together take more than half of Iran's crude oil exports -- have worked around the European Union embargo, suggesting imports will stay at least around these levels for the rest of the year.

Refiners want to continue using the Iranian crude many of their plants are configured to process, as changes will need lengthy testing of new grades or cause an alteration in output.

... Payvand News - 08/25/12 ... --

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