BREAKING NEWS

Iran tanker to discharge 1.5 m. bbls at Shell Singapore

By REUTERS

MARCH 2, 2012 12:49

SINGAPORE - An Iranian supertanker loaded with crude that traders had speculated Tehran was struggling to sell due to tightening sanctions is now moored at Shell's Singapore refinery to discharge its cargo, according to Reuters data and sources.

The 270,000-tonne tanker Delvar arrived late on Thursday at Bukom island, where Shell's 500,000 barrel-per-day refinery is located, Reuters Freight Fundamentals Database showed.

The vessel, part of the fleet of the National Iranian Tanker Co, is due to discharge 1.5 million barrels of crude, three source said on Friday.

"Yes, Shell bought it. There is no other reason for it to be anchored at Bukom," said a Singapore-based ship broker.

US and European sanctions, aimed at forcing Iran to halt suspected development of nuclear weapons, are hampering Iran's ability to sell its crude oil, which generates most of the country's foreign exchange.

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