Iranian oil delegation in Singapore

Oil&Gas Materials 20 May 2015 17:08 (UTC +04:00)

Baku, Azerbaijan, May 20

By Fatih Karimov - Trend: An Iranian oil delegation traveled to Singapore to hold meetings with Singaporean oil officials.

The delegation is comprised of some senior Iranian oil officials, Fars news agency reported on May 20, without giving further details.

In 2012, The US said Singapore has "significantly reduced" its purchases of Iranian oil, earning exemptions from US financial sanctions.

Singapore didn't import any Iranian oil in 2011, while purchasing 2.15 million metric tons of crude, condensate and fuel oil from January to May 2012.

Earlier this month, Mohsen Qamsari, the Director of International Affairs of Iran's Oil Ministry, said Asian refiners buying Iran's crude oil have renewed their contracts for the purchase of oil from the Islamic Republic.

Iran is to restore oil export to pre-sanctions level, which was 2.5 million barrels per day. Iran's total crude oil export is about 1.2 million barrels per day, but it is negotiating the nuclear dispute with P5+1 to reach a deal by June 30 to pave the way for elimination of sanctions on Iran.

Dispatching an oil delegation to Singapore came while five Iranian boats fired shots across the bow of a Singapore-flagged cargo vessel in the international waters of the Gulf on last week.

The ship escaped UAE waters before being seized.

Iran asked the UAE to seize and hand over the vessel saying that it had struck one of Iran's platforms in the South Pars gas fielded causing $300 million in damages.

Singapore strongly criticized Iran's action and said Iranian army forces violated t international laws.

Edited by CN