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Japan's Fuji Oil buys more Middle Eastern oil to replace Iran's crude
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Japan's Fuji Oil buys more Middle Eastern oil to replace Iran's crude
by RamblerNash Thu Aug 16, 2018 10:25 pm
Japan's Fuji Oil buys more Middle Eastern oil to replace Iran's crude
Japan's Fuji Oil logo
08/16/2018
Economy News Baghdad
Japan's Fuji Oil Refinery has bought 2.5 million barrels of Middle Eastern crude in October through a tender and is seeking to buy more oil to replace Iranian supplies, trade sources said on Thursday.
Fuji bought one million barrels of Arab Panoco crude at a premium of about 15 cents a barrel above the official selling price and another 1 million barrels of Qatari ground crude at a discount of 50 and 70 cents a barrel from the official price.
The sources said that the company bought in a tender closed Thursday, 500 thousand barrels of upper Zakum crude, less than 25 cents from the official sale price.
Fuji Oil, like other Japanese refiners, is expected to stop loading Iranian crude from October as US sanctions on Iran's energy sector come into effect in November.
"Shipping and insurance companies and banks are very reluctant to start Iranian trade," one source said.
http://economy-news.net/content.php?id=13292
Japan's Fuji Oil logo
08/16/2018
Economy News Baghdad
Japan's Fuji Oil Refinery has bought 2.5 million barrels of Middle Eastern crude in October through a tender and is seeking to buy more oil to replace Iranian supplies, trade sources said on Thursday.
Fuji bought one million barrels of Arab Panoco crude at a premium of about 15 cents a barrel above the official selling price and another 1 million barrels of Qatari ground crude at a discount of 50 and 70 cents a barrel from the official price.
The sources said that the company bought in a tender closed Thursday, 500 thousand barrels of upper Zakum crude, less than 25 cents from the official sale price.
Fuji Oil, like other Japanese refiners, is expected to stop loading Iranian crude from October as US sanctions on Iran's energy sector come into effect in November.
"Shipping and insurance companies and banks are very reluctant to start Iranian trade," one source said.
http://economy-news.net/content.php?id=13292
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