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Friday, April 09, 2010

Russia's LUKOIL to stop supplying gasoline to Iran

Russian oil giant Lukoil will cease supplying gasoline to Iran.
LUKOIL, Russia's No. 2 oil company, has been supplying gasoline to Tehran intermittently, moving between about 250,000 barrels to 500,000 barrels of gasoline every other month, traders said.

"They are not one of the major players in supplying gasoline to Iran, they do it on occasion," a trader said.

"But now they will stop because of pressure coming from their head office in Moscow."


LUKOIL has significant exposure in the United States with about 2,000 retail gasoline stations, the largest presence there among Russian oil firms. ConocoPhillips is a major shareholder in the company.

In March Anglo-Dutch oil firm Shell announced that it had stopped gasoline supplies to the Islamic republic joining two of the world's largest independent trading companies Glencore and Vitol who had taken similar decisions.

US politicians are working on legislation to penalize fuel suppliers to Iran in an effort to pressure Tehran to stop uranium enrichment.
Of course, the Obama administration doesn't want those sanctions to pass....



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