Iran General NewsIran ships up to 2 million barrels of fuel...

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

-

Reuters: 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.
By Luke Pachymuthu and Lee Yen Nee

SINGAPORE (Reuters) – 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.

The Very Large Crude Carrier (VLCC) was one of three supertankers that have been anchored off Iran’s key export facility of Kharg Island, holding fuel oil and waiting for a buyer, an Iran-based shipping source told Reuters.

“The vessel departed three days ago, but had been waiting for instructions since early July,” the source said. “We were informed that they were waiting for buyers.”

The ship is currently passing India’s west coast, Reuters data shows. Vessel transponder that had been switched off since May 29 were turned back on August 14, according to the data.

NIOC officials responsible for the marketing of fuel oil could not be reached for comment.

IRANIAN FUEL OIL IMPORTS

Residual fuel, which is typically used for refueling ships and for power generation, makes up the bulk of Iranian oil imports into Singapore.

Imports of fuel oil from Iran fell to 38,000 metric tons in July, nearly 84 percent below those in June and well off a peak of 561,000 metric tons in February, data from trade agency International Enterprise show.

Average monthly imports of fuel oil from Iran this year stand at 258,000 metric tons, 59 percent lower than last year’s 624,000 metric tons.

U.S. sanctions aim to slash the flow of oil revenues to Iran in order to try and force it to curb its nuclear program, which the West believes is being used to develop a bomb. Tehran says it needs nuclear reactors to supply electricity.

Singapore is one of the world’s biggest oil trading centers and fuel arriving in the city state from Iran is typically blended, stored, traded and transported from one ship to another by private companies operating on the island and in surrounding waters.

(Reporting by Luke Pachymuthu; Editing by Clarence Fernandez)

Latest news

Iran’s Strategy: Moving on the Edge of the Abyss

Iran’s supreme leader Ali Khamenei and his government's officials in the 'young Hezbollahi government' on the eve of the...

Iran Likely To Face Further Oppression Following Cancellation of UNESCO 2030 Guidelines.

The secretary of the Supreme Council of Cultural Revolution (SCCR), Saeed Reza Ameli announced on Monday, September 13, that...

Suicide Has Become Ordinary in Iran’s Society

Suicide is a function of a series of economic, social, political, and cultural issues in society. In Iran, everyone...

Iranian Government Impunity Overshadowed by Failed Nuclear Deal Negotiations

Regarding Iran’s nuclear deal, formerly known as the Joint Comprehensive Plan of Action (JCPOA), the Iranian policymakers have stated...

Iran: The Alarming Livelihood Basket of the People

Compared to previous years, the Iranian government is looting the population more, at higher levels, and in new ways....

The IRGC’s ‘Gold Mafia’ Is One of the Causes of the Economic Crisis in Iran

Iran is currently undergoing its worst economic period at the hands of the Iranian regime. The cause is widely...

Must read

Senate panel votes new Iran constraints

Reuters: The Senate Armed Services Committee voted to require...

Iran Using Lasers to Enrich Uranium – Exile Group

Reuters: An Iranian exile group accused Tehran on Friday...

You might also likeRELATED
Recommended to you