EU vessels banned from transporting, storing Iranian oil or petchems

16 October 2012 08:19  [Source: ICIS news]

SINGAPORE (ICIS)--Vessels belonging to EU citizens or companies may no longer be used for transporting or storing Iranian oil or petrochemical products, an EU document showed on Tuesday.

“The supply of vessels designed for the transport or storage of oil and petrochemical products to Iranian persons and entities or to other persons and entities for the purpose of transporting or storing Iranian oil and petrochemical products should be prohibited,” the Official Journal of the European Union said on Tuesday.

The Council of The European Union earlier on Monday significantly broadened restrictive measures against Iran on concerns over its nuclear programme.

“Today’s decisions target Iran’s nuclear and ballistic programmes and the revenues of the Iranian government for these programmes. They are meant to persuade Iran to engage constructively by negotiating seriously and addressing the concerns of the international community,” the council said in a statement on Monday.

The council has taken further measures to ensure that EU financial institutions do not process funds that contribute to Iran’s nuclear programme or to the development of ballistic missiles, it said.

“Therefore it [the council] prohibited all transactions between European and Iranian banks, unless they are explicitly authorised in advance by national authorities under strict conditions,” the Council of The European Union said.

The import of natural gas from Iran into the EU has also been banned, the council said.

“This concerns import, purchase and transport of gas, as well as finance and insurance related to these activities,” it said.

In addition, the council has agreed to broaden the existing export ban on key equipment for the Iranian oil, gas and petrochemical industries, the council said.

Apart from the ban on transporting or storing Iranian oil or petrochemical products, the involvement of EU industries in the construction of new oil tankers for the country will no longer be permitted, it said.

“EU member states also decided to stop supporting trade with Iran through new short-term export credits, guarantees or insurance. Medium and long-term commitments were already previously prohibited,” the council added.

By: Nurluqman Suratman

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly