BREAKING NEWS

Sources: Samsung Total strikes Iran oil deal

By REUTERS

JANUARY 25, 2013 12:38

SINGAPORE/SEOUL - South Korea's Samsung Total Petrochemicals Co has revived a contract to buy Iranian oil after a year's hiatus, as thin margins in plastics make the cheap fuel from Iran hard to resist, people familiar with the deal said on Friday.

Stringent US and European sanctions aimed at reducing Iran's oil income and forcing Tehran to curb its nuclear program have made shipping and paying for the oil hard, halving the Islamic Republic's crude exports.

The deal is a rare example of a buyer returning to the market for Iranian oil despite the obstacles arising from sanctions and efforts by Western powers to stem the flow.

After jarring interruptions in exports from Iran last year that included a halt in shipments to top consumers Japan and South Korea, importers have found ways to keep oil flowing without violating sanctions.

Iran says it will respond at 'maximum level' if Israel acts against it

By REUTERS

04/20/2024 02:43 AM

Five high school students wounded in Maryland shooting

By REUTERS

04/20/2024 01:36 AM

US imposes sanctions on suppliers contributing to missile proliferation

By JERUSALEM POST STAFF

04/20/2024 01:26 AM

US defense secretary spoke with Israeli counterpart on Friday

By REUTERS

04/19/2024 11:25 PM