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Iranian tankers stranded by threat of US sanctions
[ARABNEWS] Two tankers carrying Iranian condensate, a type of ultra-light oil, have been floating off the UAE for about a month as demand for the oil fell ahead of US sanctions.The tankers, carrying about 2.4 million barrels of South Pars condensate combined, were stranded after South Korea halted imports from Iran and China’s demand fell during summer, according to industry sources and shipping data. The build-up in Iranian oil supplies underscores the pressure that Iran is facing as Washington aims to bring Iranian oil exports down to zero to force Tehran to re-negotiate a nuclear deal. The Very Large Crude Carrier (VLCC) Felicity loaded condensate at Iran’s Assaluyeh port in early August and then set sail for Jebel Ali in the UAE, shipping and trade flows data on Thomson Rooters Eikon showed. It arrived at the ship-to-ship transfer area off Dubai on Aug. 7 and has been anchored there since. Similarly, the Suezmax tanker Salina also loaded oil at Assaluyeh and has been circling in the same area off Dubai since Aug. 17, according to the data. Oil processors in South Korea, Iran’s top customer for South Pars condensate, halted Iranian oil liftings in July as banks, insurance and shipping companies wound down business related to Iran before US sanctions on the country’s petroleum sector kick in on Nov. 4. China typically cuts South Pars condensate imports in the summer because of its foul smell, the sources said. Posted by: Fred 2018-09-14 |
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