August 2, 2014
So, which of our oil terminals are involved?
Dateline 2014-06-06, Malay Mail Online:
Malaysia is among countries used to resell Iranian oil in the Middle Eastern nation’s scheme to circumvent trade sanctions starving it of basic goods, the Financial Times (FT) reported,
The secret scheme is part of the massive corruption that allegedly took place under former Iranian president Mahmoud Ahmadinejad in which the government gave oil allocations to accomplices at large discounts, according to the FT.
These accomplices enjoyed generous commissions as long as they were able to bring back basic commodities or cash into the Middle Eastern country.
As the recruits were unknown politicians or businessmen, they could get information from back channels to sell crude oil to previous importers of Iran’s oil, or new customers, by using new transport routes.
According to the FT, the crude could be sent to Asian countries like Malaysia first, where it would either be put in storage or reloaded onto other tankers before the sale, where it would be labelled as another country’s oil.
June 15, 2014
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.
December 1, 2013
Dateline 2013-10-06, Malaysian Insider:
An Iranian tycoon has used the tax-free port of Labuan for his oil business to skirt Western sanctions imposed on his country, the New York Times reported.
Babak Zanjani, 39, devised a scheme to disguise the origins of Iranian oil and sold it on the open market by transferring millions of barrels from tanker to tanker, often using Labuan as the drop-off point, as alleged by the European Union.
The New York Times quoted Zanjani in interviews with Iranian reformist weekly Aseman and the semi-official Iranian Students’ News Agency as saying that he used a vast network of 64 companies in Dubai, Turkey and Malaysia to sell millions of barrels of oil, earning US$17.5 billion (RM55.6 billion) in foreign exchange for Iran’s oil ministry, the Revolutionary Guards and the Iranian central bank.
April 24, 2010
It appears that our politicians and newspaper reports should get their facts and stances correct:
- April 16: AsiaOne reports ‘Malaysia suspends gasoline supplies to Iran’
- April 16: UPI reports that ‘PETRONAS jumps Iranian Ships.’
- April 17: A local rag reports that ‘KL warns Teheran after cutting off supply.’
- April 18: Oh, was it a single spot sale that was stopped? Reported in the above local rag.
Maybe the local Iranian students should surround the PETRONAS embassy, to scare them into reporting a fact, and just one fact.
Anyhow, al-Jazeerah reports the Chinese stepped into the breach and increased their supply of gasoline.