By February 17, 2017 0 Comments Read More →

Resumption of Iranian oil exports off to slow start

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In mid-January, an Iranian oil tanker leased to a Spanish oil company reached Europe. It called at the Port of Algeciras in Spain two days after the one-year anniversary of the implementation of the Joint Comprehensive Plan of Action and shortly before US President Donald Trump took office on Jan. 20. The managing director of the National Iranian Tanker Company (NITC), Sirus Kianersi, hailed the development: “Today, after resolution of insurance, classing, flagging and international certification issues for Iranian vessels, we have witnessed another JCPOA achievement for the country’s marine transportation.”

 Before the nuclear deal was reached, it would have been impossible for an Iranian tanker to unload Iranian crude oil at a European port due to the EU sanctions against Iran. Among other things, these restrictions banned European imports of Iranian crude, prevented European energy companies from entering Iran’s energy industry, cut Iran off from international banking and insurance systems and since 2012, denied the NITC access to European ports.In several respects, the NITC’s resumption of oil deliveries to Europe is a big step forward for Tehran and a sign that the nuclear deal is working toward ending Iran’s isolation…

 

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