National Iranian Oil Co. hired a tanker to transport 80,000 metric tons of gasoil or diesel to the Middle East gulf from Singapore.
The state oil company's shipping unit National Iranian Tanker Co. chartered Champion Pride, owned by Nippon Yusen K.K. for a voyage starting on Feb. 22, for $550,000, Odin Marine (Singapore) Pte said today. The company last month hired Silvaplana, owned by Lukiardopulo & Co., to deliver a similar cargo from Singapore.
Iran, the second-largest oil producer in the Middle East, imports products such as gasoline and diesel as it does not have adequate refining capacity to meet rising demand. Iran imports around 100,000 barrels a day of gasoline, Energy Security Analysis Inc. said. A U.S. led push to isolate Iranian banks from the global financial system because of terrorist-related activities intensified since 2006, said the Wakefield, Massachusetts-based research firm. Iran has agreements to buy gasoline and diesel from the Kuwait-based Independent Petroleum Group and a Trafigura AG- linked company over the next six months.
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