Global Business in Iran Database
In-depth metrics and analysis of Iran's international economic partnerships.
Glencore International AG Halts Fuel Sales
description
Glencore International AG has halted fuel shipments to Iran as of November 2009. The Swiss firm had reduced shipments to 17,000 bbpd per month prior to winding down its petroleum exports to Iran. Iran imports roughly 107,000 bbpd per month. Glencore cited the risk of further western sanctions against Iran as the reason behind its decision. International banks have been increasingly reluctant to provide letters of credit for commodity traders active in Iran.
Some analysts cite Glencore's preparation for a public listing as decisive in its willingness to divest from business in Iran. While significant, Glencore's petroleum exports can easily be covered by other independent commodity traders, or foreign energy companies active in Iran.
- Country: Switzerland
- Contractor: Glencore International AG
Status
- Current Status:
- Discussion Date: Mon, 2010-01-11
- Contract Date:
- Completion Date:
Citation
1. "Pachymuthu, Luke and Yaw Yan Chong, "FW: Glencore Halts Fuel Sales to Iran; Eyes Sanctions", Reuters, 11 January 2010, available at http://www.reuters.com/article/idUSSGE60A0CF20100111?type=swissMktRpt.
2. "Swiss Firm Halts Its Sales of Gas to Iran", Wall Street Journal, 9 January 2010, available at http://online.wsj.com/article/SB126300336665822669.html.
