BREAKING NEWS

EU sanctions strangle Iranian LPG exports to Asia

By REUTERS

OCTOBER 31, 2012 14:18

LONDON/SEOUL - EU sanctions on Iran's natural gas have unintentionally also brought its exports of liquefied petroleum gas to a near halt, industry sources say, starving Tehran of yet more dollar revenue and threatening to push European winter fuel bills yet higher.

LPG, which comprises propane and butane, comes mainly from oil rather than natural gas, but shippers and insurers are steering clear of Iranian supplies due to uncertainty over the scope of the new European Union sanctions.

"It's a grey area if natural gas includes LPG or not," said one LPG trader. "Not many want to take a risk on that."

Earlier this month the EU announced tighter restrictions on trade with Iran, adding to already comprehensive international sanctions aimed at forcing Tehran to halt its nuclear program.

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