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Photo: Reuters
No gasoline for you!
Photo: Reuters

French oil giant shuns Iran

Gasoline company Total joins list of global suppliers who stopped fuel sales to Islamic Republic

Total joined on Monday a growing list of oil companies that have stopped gasoline sales to Iran amid a US drive to isolate Tehran and international efforts to curb the Islamic Republic's nuclear program.

 

"Total has suspended its sales of gasoline or refined products to Iran," a Total spokesman said, declining to say if the French oil major's decision was linked to the approval by the US Congress of tough new unilateral sanctions that could hurt US companies doing business with Tehran.

 

The US House of Representatives and the Senate passed a bill last week that penalizes firms supplying Iran with gasoline as well as international banking institutions that do business with key Iranian banks or the Revolutionary Guards, and sent it to US President Barack Obama for signing into law.

 

Iran said on Monday it intended to punish the West for imposing new sanctions by delaying talks on its nuclear plans and warned inspections of its ships in connection with the program could provoke retaliation.

 

Global suppliers of gasoline to Iran could face bans on access to the US banking system, property transactions and foreign exchange in the United States. Iran depends on gasoline imports because it has insufficient refining capacity.

 

Royal Dutch Shell, BP, Reliance Industries, and independent Swiss trader Glencore, are among suppliers that have already either stopped fuel sales to Iran or have made a decision not to enter into new trading agreements with the world's fifth largest oil exporter.

 

Earlier on Monday, Spain's largest oil company Repsol said it had pulled out of a contract it won with Royal Dutch Shell to develop part of the South Pars gas field in Iran, a spokesman said.

 

A spokesman for Shell declined to confirm whether the company will stay to develop phases 13 and 14 of the South Pars project, but noted that Shell will comply with any international trade restrictions which are placed on Iran.

 

Asked whether Total was still in negotiations with Tehran to take part in South Pars phase 11, Total's spokesman said: "Total has always expressed interest in the South Pars 11 project but given current conditions the group has not moved ahead with it."

 

In the financial sector, the central bank of the United Arab Emirates has told financial institutions in the Gulf Arab country to freeze 41 Iran-linked accounts, a UAE daily reported on Monday.

 


פרסום ראשון: 06.28.10, 22:50
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