First Western Company to Load Iranian Oil

By John Lee.

Swiss-based Glencore has become the first Western company to load oil of energy-rich and sanctions-free Iran.

The Wall Street Journal reports that a tanker chartered by Glencore loaded 80,000 metric tons of fuel oil at Bandar Mahshahr on Friday and left for the United Arab Emirates (UAE).

Oil Minister Bijan Zanganeh said Iran plans to sell 300,000 barrels of crude oil a day to Europe, adding that an agreement on export of 160,000 bpd of oil to France’s Total will come into force on 16th February.

(Source: Wall Street Journal)

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