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Iran fuel imports nosedive as sanctions bite-source
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…Traditionally during the summer holiday driving season, Iran needs 11-13 cargoes a month, a Dubai-based trader told Reuters.
The document seen by Reuters showed only three cargoes of gasoline had arrived this month and were supplied by Turkish refiner Tupras and Unipec, the trading arm of China’s Sinopec.
The companies were not immediately available to comment.
Another cargo is expected to arrive from Venezuela at the Iranian port of Bandar Abbas, two Gulf-based traders said.
They were not aware any other cargoes were heading to Iran.
“The new rounds of sanctions are making things hard right now, and many ships are being diverted, so Iran is only getting a fraction of its actual summer demand,” said a trader.
Earlier this month, the owner of a gasoline tanker refused to let the vessel sail to Iran from Turkey.
“Owners of ships are really worried right now about sending shipments to Iran and that’s why Iran is looking for alternative companies and countries to import from,” said a Gulf-based trader.
As the pressure has mounted on Tehran, the insurance market Lloyd’s of London said it would not insure or reinsure petroleum shipments going to the country.
Lloyd’s, which has 15 to 20 percent of the global marine insurance sector, is seen as a major influence on other insurance markets with more players pulling back from offering cover to Iran.
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