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Spain’s Repsol hires tanker for Iran’s Pars oil as sanctions loom

Spain’s Repsol hires tanker for Iran’s Pars oil as sanctions loomNEW DELHI: Spain’s Repsol has hired Malta-flagged suezmax Mabrouk to ship the first export parcel of Pars oil produced from West Karoun fields in southwest Iran, sources and shipping data in Thomson Reuters Eikon showed.

Iran’s moved to export Pars crude comes as oil shipments from the Gulf nation are expected to be hit by renewed US sanctions, after Washington withdrew from an international nuclear deal with Tehran.

Mabrouk was berthed at Ras Bahregan oil terminal to load Pars crude, Eikon data showed on Tuesday.

The tanker is expected to reach Tehran’s Kharg port on Wednesday for loading, the latest port data available with Reuters showed.

Mabrouk was expected to reach Algeciras port in Spain at the end of June or early July, a source familiar with the plans said.

The vessel would load 500,000 barrels of Pars oil from the Ras Bahregan terminal and a similar quantity of Iran heavy oil from the Kharg port, the source said.

Reuters reported earlier this month that National Iranian Oil Co had awarded the first cargo of Pars oil from the West karoun fields.

Iran is initially selling the Pars crude on a spot basis as production is not enough for regular export cargoes, the source said.

A Repsol spokesman said the company did not comment on individual cargoes.

Copyright Reuters, 2018
 

Source: Brecorder

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