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SPOT PURCHASE TO END

Samsung Total to stop buying oil from Iran

Paris, February 13, 2013

South Korea's Samsung Total Petrochemicals will stop purchasing oil from Iran after it bought one spot cargo; Total's head of refining Patrick Pouyanne told Reuters on the sidelines of the group's annual results.

"There was a spot purchase but it will stop," Pouyanne said. "Total has told this company (Samsung Total) and its partner that we did not agree with that policy because our aim is to respect laws that apply to us," he added.

Samsung Total Petrochemicals had 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 told Reuters last month.

Samsung Total had stopped importing oil from Iran last year as the United States and European Union imposed sanctions to halt a nuclear programme which the West suspects Iran may be using to develop arms. Tehran denies this. – Reuters




Tags: France | paris | Samsung Total |

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