MINA products are advertised on Iranian company, Horand Co.'s website. (Horand Website, "Homepage")
"The Syrian government of President Bashar al-Assad has received substantial imports of Iraqi crude oil from an Egyptian port in the last nine months, shipping and payments documents show, part of an under-the-radar trade that has kept his military running despite Western sanctions…Dozens of shipping and payment documents viewed by Reuters show that millions of barrels of crude delivered to Assad's government on Iranian ships has actually come from Iraq, through Lebanese and Egyptian trading companies. The trade, which is denied by the firms involved, has proven lucrative, with companies demanding a steep premium over the normal cost of oil in return for bearing the risk of shipping it to Syria. It also highlights a previously undisclosed role of Egypt, Iraq and Lebanon in Assad's supply chain, despite those countries' own restrictions on assisting his government. Both the Syrian national oil company that received the oil, Sytrol, and the Iranian shipping operator that delivered it, the National Iranian Tanker Co (NITC), are on U.S. and EU sanctions lists barring them from doing business with U.S. or European firms, cutting them off from the U.S. and EU financial systems and freezing their assets…At least four firms from third countries that were added to the U.S. Treasury's sanctions list for Iran when it was last updated on Dec. 12 were punished specifically ‘for providing material support to NITC,’ the Treasury said. ’We have been very focused on targeting Iranian attempts to aid the Assad regime through economic as well as military means,’ said a Treasury Department spokesman…The documents refer to at least four shipments by four tankers named Camellia, Daisy, Lantana and Clove, each of which is operated by Iran's NITC and, say the documents, carried Iraqi oil from Egypt's Mediterranean port of Sidi Kerir to Syria…A representative of the Arab Petroleum Pipeline Company, which is known as SUMED and owns and operates Egypt's Mediterranean port of Sidi Kerir where the oil tankers loaded, had no comment. SUMED is half owned by the Egyptian state oil company EGPC and half by a group of four other Arab countries…After leaving Iraq, the crude oil was delivered to Sidi Kerir on the 200 mile (320 km) SUMED pipeline, which runs from the Red Sea to the port west of Alexandria, where it was loaded onto Iranian ships.” (Reuters, “RPT-EXCLUSIVE-Assad's secret oil lifeline: Iraqi crude from Egypt,” 12/24/13)
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"Egypt will not stop transporting Iranian oil through the Suez Canal and internal pipelines despite the EU embargo on oil exports, Egypt's Al Ahram newspaper reported on Sunday quoting a source . . . 'Iranian oil, like any other oil, is transported in terms of contracts which are updated every year. We have not received any notifications to ban oil shipments from Iran,' the source in Egyptian energy sector told the paper. Iranian oil is transported through pipelines owned by Egyptian SUMED firm, the paper says. 'The embargo only affects the EU states, we do not have anything to do with it,' the source added."(RIA Novosti, "Egypt to Continue Iranian Oil Transit Despite EU Embargo," 7/15/12)
As of May 17, 2021, Iowa's Public Employee's Retirement System lists Mercator on its Iran Scrutinized Companies List with a divestment date of August 16, 2022.
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"NITC has chartered the vessel the Omvati Prem, owned by Mumbai-based Indian shipper Mercator Ltd, and used it to carry an oil cargo that sailed from Iran in December for Indian refiner Mangalore Refinery and Petrochemicals Ltd, the sources said. The deal included cost, insurance and freight (CIF), they said... Mercator was the only company to use the scheme. Before NITC chartered the Omvati Prem, MRPL had used the vessel -- which can carry about 635,000 barrels -- to import Iranian crude... 'Iran offered Mercator a better rate than MRPL, that's why they have taken the risk of joining hands with NITC,' another shipping source said. 'Mercator has taken a risk as NITC is a blacklisted company under sanctions.' Mercator paid $26,105 for P&I cover to United India Insurance Company and 1,852,710 rupees for hull and machinery cover to The New India Assurance for a voyage between December 28 and January 27, documents seen by Reuters show. Sources at the two insurance companies were not aware that Mercator had used the policy to deliver an Iranian cargo on a CIF basis. Mercator did not respond to Reuters enquiries. MRPL, India's shipping ministry, United India Insurance and The New Indian Assurance Co Ltd all declined to comment for the story." (Reuters, "Iran charters oil ship with Indian insurance: sources," 1/15/2013)
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"The MT Omvati Prem — a tanker contracted to carry 85,000 metric tons of crude oil from Iran for Indian state refiner Mangalore Refinery and Petrochemicals Ltd. — is scheduled to arrive in India by Aug. 25, said Kowshik Kuchroo, president of shipping for Mercator Ltd., an Indian shipping company. 'This being a government of India cargo, it has a different sense of importance. We’re not doing it just for business,' Kuchroo said Monday. 'India is in definite need of the crude. At a short notice, we can’t just snap the supply.' Mercator is insuring the ship with $50 million in hull and machinery insurance, which covers physical damage to the ship, from state-owned New India Assurance Co. It’s insuring the vessel with another $50 million in protection and indemnity insurance, which covers a broad range of liabilities, including environmental pollution and cargo damage, from government-backed United India Insurance. That is a far cry from the $1 billion in coverage Indian companies like Mercator got from European insurers, which used to underwrite most maritime coverage... Mercator aside, most Indian shippers don’t like the terms of the insurance coverage and have declined to send tankers to Iran." (The Washington Post, "India to resume shipping Iran oil, as Asia looks for ways around EU insurance sanctions," 8/13/2012)
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"India has been forced to seek its own arrangements to insure its purchases of Iranian oil, officials said, even as it reduces imports under pressure from U.S. and European Union sanctions. Indian state-owned insurers, shipping lines and government officials met to discuss the situation in Mumbai on Wednesday. India's state-run insurance firms have agreed to offer coverage of up to $50 million for each Indian ship carrying Iranian crude. Such coverage is much lower than the up to $1 billion that European insurers would normally give per ship to cover third-party claims in the event of an oil spill or other accident…The problems facing India show the effectiveness of policies aimed at squeezing Iran financially in a bid to force the country to take measures that guarantee its nuclear program isn't being used for weapons development. Tehran says the program is for peaceful purposes…Indian shippers, such as Shipping Corp. of India, Great Eastern Shipping Co. and Mercator Ltd., handled a total of about six to seven ships carrying Iranian crude every month before the EU ban, said Anil Devli, head of the Indian National Shipowners Association. The Indian shipping industry was also pushed to accept low insurance coverage because it doesn't want to see its business going to Iranian tankers, the executive said. 'The petroleum ministry wants to bring crude in Iranian vessels which will hurt business for Indian ships, so we accepted this figure,' he said." (The Wall Street Journal, "Insurance Woes Slow India Deals for Iran Oil," 7/11/2012)
Specializes in the design and construction of mud logging services for application in oil and gas field wells. Works in Iran through Pars-GEO data. (Pars GEO-data Website, "Homepage")
Sungjin Geotec is a subsidiary of South Korean Steel Company POSCO
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According to an Annual Report filed by POSCO for fiscal year 2012: "We acquired a controlling interest in Sungjin Geotec Co., Ltd. (“Sungjin Geotec”), a manufacturer of specialized equipment used in the power and energy industries in May 2010, and we currently hold a 33.0% interest in the company. In recent years, Sungjin Geotec entered into contracts with various suppliers to supply equipment for the development of natural gas fields in Iran, including natural gas fields located in South Pars that is led by Pars Oil and Gas Company, a subsidiary of National Iranian Oil Company. Sungjin Geotec recognized revenues of approximately Won 27 billion in 2010, Won 240 billion in 2011 and Won 134 billion in 2012, and net profits of approximately Won 1 billion in 2010, Won 15 billion in 2011 and Won 25 billion in 2012 related to such activities. Sungjin Geotec has completed or terminated all of its remaining outstanding supply contracts to sell equipment for the development of natural gas fields in Iran, and it does not plan to engage in any sale of equipment in Iran related to the country’s development of petroleum resources in the future."
As of July 1, 2021, Iplom is not identified by the US State of Mississippi as a company “engaged in investment activities in Iran, providing funds, goods or services valued at $20,000,000 or more in the energy sector of Iran.”
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On June 30, 2020, the Mississippi Department of Finance & Administration identified IPLOM as a company “engaged in investment activities in Iran, providing funds, goods or services valued at $20,000,000 or more in the energy sector of Iran.”
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In 2017 and 2019 the U.S. state of Mississippi listed IPLOM on its Iran prohibited companies list rendering IPLOM ineligible for investment and/or state contracting.
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Iran continues its quest for new crude buyers, especially in Europe, but its loyal customer base will continue to hinge on countries like India and China, whose demand for Iranian crude has observed a steady rise this year. Iran has found interest for its crude in some unusual places in the past few months as it continues it diversify its list of buyers. Earlier this month it agreed to sell 1 million barrels of crude oil to Hungary via Croatia as it seeks to widen its post-sanctions customer base, which now includes cargoes sold to oil major BP, France's Total, Greece's Hellenic Petroleum, Spain's Repsol and Cepsa, Russia's Lukoil, Poland's Grupa Lotos, Portugal's Petrogal and Italy's Saras and Iplom. Iran said it has held talks with Bosnia and Herzegovina this week as it hopes to expand its list of crude oil export destinations. However, its shipments to Asia remain the pillar of its export market. (Platts, "Analysis: Iran eyes new crude oil buyers, Asia remains linchpin," 11/1/2016).
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“Iplom SpA, [has] reportedly signed long term contracts with the National Iranian Oil Company (NIOC) to purchase crude oil from Iran.” (PressTV, “Italians seal oil purchase deals with Iran,” 6/23/2016).
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"Other oil companies in the Mediterranean including Spain's Cepsa and three other Italian oil firms, ERG, Iplom and Saras have planned to take their last cargoes from Iran in June, other market sources said." (Reuters, "Eni suspends Iran's debt payments in oil," 5/31/2012)
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Iplom imported 30,000 barrels of Iranian crude per day in both March and April of 2012. (Reuters, "Europe's Buyers Trim Iranian Oil Imports in April," 4/18/12)
"Iplom Spa is not 'a company'engaged in investment activities in Iran, proviidng funds, goods or services valued at $20,00,000 or more in the energy sector of Iran' Iplom Spa has not conducted any activities in Iran since 2012." (8/7/2020)
Listed as an approved vendor in Iran by NIOEC, NPC and SADAF.
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"Other oil companies in the Mediterranean including Spain's Cepsa and three other Italian oil firms, ERG, Iplom and Saras have planned to take their last cargoes from Iran in June, other market sources said." (Reuters, "Eni suspends Iran's debt payments in oil," 5/31/2012)
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ERG imported 30,000 barrels of Iranian crude per day in both March and April of 2012. (Reuters, "Europe's Buyers Trim Iranian Oil Imports in April," 4/18/12)
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"Italy's biggest independent refiner by capacity, uses very little Iranian crude and expects to replace it with Russian oil if a European Union embargo takes place, Chief Executive Alessandro Garrone said Tuesday.'We use hardly any Iranian crude,' Garrone told Dow Jones Newswires on the sidelines of an event in Rome, without giving a specific amount... ERG expects to turn to Russian crude if the EU goes ahead with an embargo in an attempt to end Iran's nuclear program." (WSJ, "Little Iran Oil Used; Russia Oil Replacement Eyed," 1/10/12)
"Baghdasarian was president of Delfin Group USA, a Russian-owned producer and supplier of synthetic motor oils that solidified its U.S. presence in the North Charleston area in 2008 with a $55 million renovation to an old Shell Oil plant it had bought for $20 million... According to prosecutors, one of those unidentified businessmen was Baghdasarian's agent in Iran and also represented a company in the United Arab Emirates used to ship Delfin products to Iran... In August 2011, Delfin USA tried to send aviation engine lubricating oils worth $850,000 to an associate in the UAE, according to Hardin." (Bloomberg Businessweek, "Feds: SC businessman illegally exported to Iran," 5/23/2012)
SK Innovation, the owner of South Korea’s top refiner SK Energy and petrochemical maker SK Incheon Petrochem, has been replacing Iranian condensate with crude oil from other countries including Qatar and Russia, a top official said on Monday. (5/26/2019)
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South Korean oil buyers are expected to restart Iranian oil imports in late January or early February, the head of South Korea’s SK Innovation, which owns South Korea’s biggest oil refiner SK Energy, said on Wednesday. (1/9/2019).
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In 2015 SK Innovation was removed from Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement In Iran because the company's "involvement in purchases of crude oil falls uner the waivers granted by the U.S. government that meet Section (a)(2) of Act 44's expiration clause."
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In 2013, SK innovation was added to the Pennsylvania Treasury's List of Scrutinized Companies Determined as Having Involvement in Iran because government oil-related activity.
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"South Korean refiners SK Innovation Co. and Hyundai Oilbank Co. resumed shipments after Iran offered its own vessels." (Bloomberg, "South Korea’s Oil Imports From Iran Rise 24% From a Year Earlier," 1/14/2013)
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"SK Innovation Co. took delivery of an oil shipment on Oct. 2 in Ulsan, Yoo Jung Min, a spokesman at South Korea’s largest refiner, said last month." (Bloomberg, "Iran Oil Tanker Signals for Daesan as Korea Continues Importing," 11/6/2012)
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"South Korean refiners will resume imports of up to 200,000 barrels per day of Iranian crude from September, economy ministry sources said on Monday, ending a two-month gap due to a European Union ban on insurance cover for Iranian oil . . . Total imports envisaged at resumption will be six million barrels per month, or 200,000 bpd. SK Energy will import four million barrels per month and Hyundai Oilbank will import two million barrels per month, the economy ministry source added. This is the volume refiners agreed in term contracts with Iran for this year . . . A spokesman at SK Innovation, which owns SK Energy, told Reuters last Friday that the talks with Iran were progressing well, and the refiner expected to resume the imports around September loading." (Reuters, "S.Korea to resume Iran oil imports from Sept -econ min sources," 8/20/12)
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"Iranian officials have offered accident insurance coverage worth a maximum of $1 billion for Iranian tankers shipping Iranian crude oil to South Korea, a Hyundai Oilbank official, who declined to be named, said Wednesday. Hyundai Oilbank and SK Innovation (096770.SE), which fully owns the nation's other refiner, SK Energy, are considering Iran's offer, officials from both companies said. Both companies imported crude oil from Iran until European Union sanctions that took effect July 1 effectively cut off insurance on Iranian crude shipments July 1 . . . The South Korean refiners are considering using the ships of NITC, or National Iranian Tanker Co., they said . . . A government official who asked not to be identified told Dow Jones Newswires earlier this week that government officials were leaning toward accepting the Iranian insurance proposal but that it was 'too early to say' whether it would be approved." (Nasdaq, "Iran Offers $1 Billion Insurance on Tankers to S Korea," 7/18/12)
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"SK Innovation Co., one of two South Korean oil refiners that import Iranian crude, said Tuesday that it hasn't decided whether to halt Iranian imports and is closely consulting with the government about the matter. SK Innovation fully owns SK Energy, the country's largest oil refiner, which relies on Iran for around 10%-15% of its crude-oil imports." (The Wall Street Journal, "Official: South Korea Has No Plans To Halt Iran Crude," 5/22/2012)
"Chinese firms, such as Nanjing Tankers and Sinochem Corp, have been able to get insurance from domestic providers and were reaping huge profits from conducting the niche trade." (Reuters, "Iran petchem exports plunge due to EU sanctions-traders," 5/17/2012)
Eye on Iran is a news summary from United Against Nuclear Iran (UANI), a section 501(c)(3) organization. Eye on Iran is available to subscribers on a daily basis or weekly basis.