Supertanker taking Iran’s oil to Polish port in the Baltic Sea

July 1, 2016 7:33 pm

has reportedly sent a major
cargo of its crude oil to a key Polish port in the Baltic Sea in what
appears to be the first Iranian crude sold into this part of the market
since January’s lifting of sanctions.

Traders say they have seen
more signs that Iran is clawing back the share of the global oil market
it lost as a result of multiple years of sanctions. 

Reuters
has quoted trade sources as saying that a supertanker with Iranian
crude is heading toward Poland’s Baltic Sea port of Gdansk.
The
Atlantas Very Large Crude Carrier (VLCC) left Iran’s main oil export
terminal Kharg Island laden with 2 million barrels of crude on 27 June
and is destined for Gdansk.
VLCCs cannot dock in the Baltic Sea
port but sources said the oil would be transferred to a smaller vessel
to discharge in Gdansk, Reuters added.
It was not immediately
clear whether the buyer was Polish refiners PKN Orlen or Grupa Lotos, or
whether the oil would remain in Poland or be shipped to Germany, which
is connected by pipeline to Gdansk.
Regardless of the ultimate
destination, the cargo is the first Iranian crude sold into this part of
the Baltic Sea market since January’s lifting of sanctions,
intensifying the battle for market share between top producers including
Russia and Saudi Arabia, Reuters emphasized.
Before sanctions,
Iran was exporting about 2.2 million barrels per day (bpd). July exports
are expected to be around 2.1 million bpd, up about 70 percent
year-on-year.
Apart from Poland, Spain and Italy among other
European countries have also recently taken measures to import crude oil
from Iran.
Iran’s media reported this past Sunday that Iran has
signed a deal with Repsol S.A. to sell one million barrels in July to
the Spanish company.
Earlier, two Italian energy companies,
Saras SpA and Iplom SpA, were reported to have signed long term
contracts with Iran over the purchase of crude oil.
The contract
with Saras SpA envisages selling 60,000 to 65,000 barrels of oil per day
to the company.  Details on the deal with Iplom SpA have not been made
available to the media.

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