News Column

US Treasury removes sanctions on Iran's National Oil and Tanker companies

January 26, 2014

TEHRAN , Jan. 26 (MNA) NITC director has said the US Treasury has removed Iran's National Oil and Tanker Company from the sanction list. In an interview to Mehr News about the impacts of easing some sanctions on Iran's oil sector after Geneva deal, Ali-Akbar Safaei told that all barriers on the way of providing insurance coverage, banking services, and other international shipping services especially for oil transport has been removed. He also detailed about the exports of Iran's black gold to six traditional destinations of China , India , Turkey , Taiwan , Japan , and South Korea . "Currently there is no international barrier in the way of sea transport of Iranian oil to these countries. According to arrangements made in Geneva join Plan of Action printed by the US government, beginning in January 20 , all sanctions on Iran's oil sector have been removed," Safaei added. He also said that the removal of sanctions covered also insurance, transportation, and financial swift transactions. "The suspension however excludes legal entities and natural persons sanctioned before, but Iran's National Oil and Tanker Companies are exceptions to this rule," said Safaei. The National Oil Tanker Company official also detailed on the possible maneuver by the company after sanctions had been removed. "However this is a green light for going forward to the Company, but we speculate rapid return to the international oil market, and oil transportation would be highly profitable not only for importing countries, but also for great multinational oil giant companies," he added. "As long as the National Tanker Company has not returned international markets, it will receive supports as bonus to carry Iran's exported oil," he said. SH/ZK MNA END


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Mehr News Agency (Iran)


Story Tools