Malaysian ISO’s Iranian oil brokerage confirmed

Dateline 2014-04-23, Trend:

The Supreme Audit Court of Iran confirmed that a subsidiary of the National Iranian Oil Company (NIOC) sold several crude oil and condensate freights worth about $1 billion to International Safe Oil Company in the second half of 2012.

The exact value of sold cargoes is $1,004, 609, 117.

According a report released by the Supreme Audit Court of Iran says that the Malaysian International Safe Oil Company (ISO) should have paid off its debt by the end of 2012, but hadn’t.

The U.S. and EU adopted tough sanctions targeting Iran’s oil revenues in mid-2012 to persuade Iran to curb its sensitive nuclear activities. After sanctions, Iran’s oil exports dropped significantly and went from 2.5 million barrels to 1.07 million barrels per day in 2013.

Iran reportedly has been using various ways to bypass the imposed sanctions on both its oil exports and transferring the payments.

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