Energy

"Iran has said it had received more than $4bn from Emirates National Oil Company (ENOC), as part of the UAE retailer's settlement of its debts owed to Iran for pre-sanction oil and gas purchases, reported Iranian news website Al Alam." (May 29, 2017)

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"Meanwhile, close U.S. ally Dubai, long a major user of Iranian light oil known as condensate, continues to process tens of thousands of barrels a day at an Emirates National Oil Company (ENOC) refinery, according to oil industry sources and shipping data. ENOC then pumps the resulting fuel to Dubai airport, the world's second busiest. ENOC's chief executive declined to comment this week on how much Iranian oil the company was still importing and ENOC media relations did not respond to repeated requests for comment... ENOC says it is the largest provider of jet fuel at Dubai International Airport (DXB) and that its portfolio boasts a growing number of military customers... 'DLA Energy does contract with ENOC International Sales, LLC to supply jet fuel to Al Minhad Air Base,' a spokesman for the U.S. Department of Defense said. 'The contract was let in August 2011. This contract expires in August 2013.' It is not clear whether or not some of the fuel ENOC supplies under contract to the DLA come from ENOC's Jebel Ali refinery near Dubai. A western government source said ENOC also buys some fuel produced in refineries in Bahrain and Kuwait. ENOC did not comment on whether some or all the fuel it supplies to the DLA is produced at Jebel Ali. But ENOC's website says most of the jet fuel it supplies to the airport is pumped through a 60,000 barrel per day (bpd) pipeline from the refinery, and demand at the world's fastest growing airport is rising so much that it is laying a second pipeline... ENOC was the biggest buyer of Iranian condensate in 2012, when its imports rose to an average of 127,000 bpd, according to analysts' estimates... ENOC announced in February it had secured about 20,000 bpd of condensate from Qatar to feed its 120,000 bpd refinery and said it was working to find more alternatives... With shrinking export options, traders say Iran is likely to be selling its condensate fairly cheaply, helping ENOC offset multi-million dollar loses it has to take because it is obliged under UAE law to sell gasoline at a subsidised rate... Unless ENOC can find another 100,000 barrels per day of alternative supplies at competitive prices, the opening of a second pipeline due later this year could take more fuel made from Iranian oil into the tanks of international airlines... ENOC is not the only jet fuel supplier, because its refinery and existing pipeline are not big enough to meet demand at DXB, where an average of around 470 flights a day took off in 2012... Some U.S. and European airlines said they do not use ENOC when they call at Dubai, with some having global purchase deals with other suppliers. But for many of the 130 airlines flying into Dubai, the fuel derived from Iranian oil that ENOC offers is indispensable." (Reuters, "Dubai flights rely on fuel refined from Iranian oil," 4/23/2013)

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"Iran is 'still the major supplier,' Saeed Khoory, chief executive officer of Emirates National Oil Co., said today in an interview in Dubai. 'We are trying to find other sources.' ENOC, as the refiner is known, wants new suppliers of condensate because U.S. sanctions threaten financial penalties for companies that trade with Iran. ENOC said in February it had signed a contract with the Gulf sheikhdom of Qatar for a year’s supply of condensate. ENOC operates a 120,000 barrel-a-day condensate refinery that splits the light crude into oil products such as naphtha, reformate, jet fuel and diesel...  The term contract with Qatar will allow ENOC to buy more fuel than it can secure under spot purchases and guarantee more reliable supply, Khoory said. ENOC agreed to buy 20,000 barrels a day of Qatari condensate annually. That would mean ENOC is still buying as much as 100,000 barrels a day from Iran. When asked about that figure, Khoory said: “It depends.” The company can buy less of the fuel from Iran once it lines up other suppliers, he said, without specifying whether ENOC was trying to cut purchases of Iranian condensate to zero. 'We are trying to reduce our supply from Iran,' Khoory said when asked whether ENOC would eliminate Iranian condensate imports. 'You always have to diversify.' ENOC said in February it had bought 20 percent less condensate from Iran in the second half of 2012 than in the first six months of that year." (Bloomberg, "Dubai to Curb Reliance on Iranian Condensate, ENOC’s CEO Says," 4/15/2013)

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"Dubai's national oil company may have to stop importing condensate from Iran unless Washington grants it an exemption or temporary exception from this week's tightening of U.S. sanctions, diplomatic and industry sources said.

U.S. State Department officials said that financial transactions that facilitate the import of Iranian condensate are liable to a new round of measures effective June 28 that aim to cut Iran's oil revenues and force Tehran to drop its disputed nuclear program.

The fresh sanctions target condensate, produced in association with gas, which is Tehran's second-biggest source of export revenue after crude and refined products, which were targeted in earlier sanctions.

Officials at Dubai-government-owned Emirates National Oil Company (ENOC) declined to comment.

But two Gulf-based sources close to the company said ENOC had already applied for an exception. The U.S. State Department declined to confirm or deny this…Dubai uses Iranian condensate at ENOC's 120,000 barrels per day (bpd) Jebel Ali refinery that services its domestic fuel market…Dubai accounts for at least half of Iran's condensate exports, which averaged 220,000 barrels per day in the first four months of the year, shipping data shows." (Reuters, "U.S. sanctions may stop UAE from importing Iranian condensates," 6/29/2012)

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"Open sources reported that Emirates National Oil Company sold gasoline to Iran in 2010." (U.S. Government Accountability Office, Report: "Firms Reported in Open Sources to Have Sold Iran Refined Petroleum Products between January 1, 2009 and June," September 3, 2010)

• "So why, according to sensitive trading records seen by the Guardian, did other European oil giants, including Shell, Total and API, increase their purchases? The answers illustrate the tendency of the increasingly complex measures being taken against Iran to throw up unintended consequences, and the apparent willingness of some oil firms to place profits ahead of the west's political strategy... Shell, Total and API all stressed they bought the oil at the market price and that no additional discount was received." (The Guardian, "Oil firms reap benefits of Iran's build-up of crude oil stocks," 9/27/2010) 

In January 2021, the State of New Jersey Department of the Treasury listed Kingdream as a company engaged in prohibited activities in Iran pursuant to P.L. 2012, c. 25 ("Chapter 25"). 

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On October 14, 2020, Kingdream remained on the Tennesse Department of General Services list of persons it determines engage in investment activities in Iran, as described in 12-12-105.

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In 2020, the U.S. state of Mississippi listed Kingdream on its state lists of Companies Doing Business with the Iranian Petroleum/Natural Gas, Nuclear and Military Sectors, rendering it ineligible for investment and/or state contracting.

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Sinopec Oilfield Equipment Corp (F/k/a Kingdream) is listed on the June 2019 Alaska Retirement Management Board, Companies Doing Material Business with Iran list.

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On June 30, 2019, New Jersey listed Kingdream on its state list of entities determined, based on credible information, to be engaged in prohibited activities in Iran.

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Sinopec Oilfield Equipment Corp (F/k/a Kingdream) is listed on the March 2019 Alaska Retirement Management Board, Companies Doing Material Business with Iran list.

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In 2018 and 2019 Tennessee used the New York list of “Entities determined to be non-responsive bidders/offerers pursuant to the New York State Iran Divestment Act of 2012.” Kingdream was included on this list in 2018 and 2019. Tennessee states "Inclusion on this list would make a person ineligible to contract with the state of Tennessee, if a person ceases its engagement in investment activities in Iran, it may be removed from the list."

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In 2018 the U.S. states of New Jersey and New York listed Kingdream on its list of entities determined to be engaged in prohibited activities in Iran rendering Kingdream ineligible for investment and/or state contracting.

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In 2017 the U.S. state of Mississippi listed Kingdream on its Iran prohibited companies list rendering Kingdream ineligible for investment and/or state contracting.

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"Kingdream Public Limited Company (Kingdream) is a Chinese Class-I high-tech enterprise specializing in oil bits. With 3,500 employees, Kingdream is the largest oil bit manufacturer in Asia. The company stresses innovation in the design of its products and has so far received 110 Chinese patents, as well as 11 patents in other countries, including the USA, Russia and Iran. Kingdream has also developed 115 proprietary technologies."

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"Kingdream states that it holds patents for drill bits in Iran, as well as the United States and Russia.... The company has supplied the National Iranian Oil Company (NIOC) wiht drill bits for its extraction activities.... In the United States, Kingdream lists Oklahoma-based HIJET Bit, Inc. as its American distributor." (Mark Dubowitz and Laura Grossman, "Iran's Chinese Energy Partners," September 2010, p. 27)

“Iranian natural gas flows to Turkey were halted after an explosion and could take up to a week to resume after repairs are completed, officials at the Turkish pipeline operator Botas said on Wednesday. It was the second time in a little over a month that an explosion halted gas imports from Iran on the key link.” (Reuters, Iran-Turkey gas pipeline hit by blast, flow stopped, Aug. 25th 2010)

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“BOTAŞ was established on August 15, 1974 by The Turkish Petroleum Corporation (TPAO) under Decree No 7/7871, for the purpose of transporting Iraqi crude oil to the Ceyhan (Yumurtalık) Marine Terminal, in accordance with the Iraq-Turkey Crude Oil Pipeline Agreement signed on August 27, 1973 between the Governments of the Republic of Turkey and the Republic of Iraq. Because of Turkey’s increasing need for diversified energy sources, since 1987 BOTAŞ has expanded its original purpose of transporting crude oil through pipelines to cover natural gas transportation and trade activities, therefore becoming a trading company.” (Botas Website)

"Russian state nuclear company Rosatom has suspended work on revamping a factory at Iran’s Fordow nuclear complex due to an issue with uranium compatibility, Rosatom’s nuclear fuel cycle unit TVEL said on Thursday." (Reuters, "Russia suspends revamp work at Iran's Fordow nuclear plant," 12/5/2019).
 

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"A delegation of Russia’s nuclear agency Rosatom and Iranian officials discussed retuning Fordow facility, Russia’s ambassador to Tehran Levan Dzhagaryan said in an interview with TASS. “Moscow is satisfied with the level of Russian-Iranian cooperation in the framework of the Joint Comprehensive Plan of Action (JCPOA) on Tehran’s nuclear program,” he said, adding Rosatom’s delegation, which presently is visiting the country, discusses "certain practical aspects of the project to reconfigure the Fordow reactor." (February 12, 2018).

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"Rosatom said that the construction and installation work phase was started on March 14. Representatives of the Russian general contractor participated in the official ceremony. In November 2014, Nuclear Power Production and Development Company of Iran (NPPD) and Russia's Atomstroiexport signed two contracts for the construction of units 2, 3 of Bushehr-2. The total capacity of two units of WWER-1000 (Water-Water Energetic Reactor) will be 2,100 megawatt. Back in September 2016, Iran and Russia started the construction of the second unit of the Bushehr nuclear power plant in a ceremony attended by the head of the country's Atomic Energy Agency (AEOI) Ali Akbar Salehi, Iranian First Vice-President Eshaq Jahangiri, and Sergei Kiriyenko, head of Russian state nuclear energy corporation Rosatom. The second unit is expected to take 9 years to complete (October 2024). A third unit will also begin to be built 18 months later after that (April 2026)." (Tasnim News (Iran), "Russia Says Starts Construction Work On Iran's Bushehr-2 Power Plant," 3/16/2017).

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"Iran will assume full control over the Bushehr atomic power station Russia built at the end of December, Russian state nuclear company Rosatom Corp. said. Russia will continue to help Iran operate the country’s first nuclear plant for three years because of a lack of trained Iranian technicians, Rosatom said in a statement." (Bloomberg, "Iran to Take Control Over Nuclear Plant From Russia in December," 9/5/2012)

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"Thirty-six years after construction began under the shah, Iran finally opened its first nuclear power plant at a ceremony on Saturday. Attended by senior officials from Iran and Russia, which helped build the plant, the ceremony marked the beginning of the transfer of low-enriched uranium fuel rods from a storage site into the plant. Officials of both countries said that Saturday's events signified the opening, not the startup, of the plant near Bushehr, in southern Iran." (The New York Times, “Iran Opens Its First Nuclear Power Plant,” 08/21/10)

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 “Technicians began the process of moving uranium fuel from a storage area to the reactor at Iran's first nuclear power plant on Saturday, the spokesman for Russia's state-run nuclear corporation said. The beginning of the first stage of the physical start-up has taken place," Rosatom spokesman Sergei Novikov said at the Russian-built plant near Bushehr in southern Iran.” (Reuters Africa, “Start-up of Iran Bushehr plant has begun- Rosatom,” 08/21/10)

According to its Annual Report filed with the SEC for fiscal year 2018: "BHP Billiton Petroleum Great Britain Ltd (BHP GB), a wholly owned affiliate of BHP, holds a non-operating 16 per cent interest in the Bruce oil and gas field located offshore United Kingdom, together with co-venturers BP Exploration Operating Company Limited (BP) (operator and 37 per cent interest holder), Marubeni Oil & Gas (North Sea) Limited (3.75 per cent interest holder) and Total E&P UK Limited (43.25 per cent interest holder).

The Bruce platform provides transportation and processing services to the nearby Rhum gas field pursuant to a contract between the Bruce owners and Rhum owners (the Bruce-Rhum Agreement). According to BP, the Rhum field is operated by BP and owned under a 50:50 unincorporated joint arrangement between BP and Iranian Oil Company (U.K.) Limited (IOC). IOC is an indirect subsidiary of the National Iranian Oil Company (NIOC), which is a corporation owned by the Government of Iran. As a Bruce owner, BHP GB is party to the Bruce-Rhum Agreement with BP as the operator. The U.S. Department of the Treasury, Office of Foreign Assets Control (OFAC) issued licence No. IA-2013-302799-5 to BP and its affiliates for Rhum Field activities for the period to 30 September 2017 and thereafter authorised activities under OFAC licence No. IA-2013-302799-6, until the end of September 2018.

BHP ceased to rely on US persons for Bruce-Rhum Agreement related activities from 30 September 2017 and continues to monitor developments concerning the US Iranian sanctions program to maintain compliance with applicable sanctions laws and requirements."

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In 2017 - In a complex disclosure related to a joint venture, BHP Billiton (an Australian company) disclosed the activity of its wholly owned affiliate BHP Great Britain Ltd. (BHP GB). BHP GB, together with British Petroleum (BP) and two other oil and gas companies, holds a percentage interest in the Bruce oil and gas platform that provides transportation and processing services to the Rhum gas field. BHP Billiton noted that the Rhum field is owned under an unincorporated joint arrangement between BP and the Iranian Oil Company Ltd., whose indirect owner—the National Iranian Oil Company—is owned by the Government of Iran. BHP also noted that the Bruce-Rhum agreement to which its affiliate is a party is an activity authorized pursuant to an OFAC-issued license.

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According to its Annual Report filed with the SEC for fiscal year 2016: "BHP Billiton Petroleum Great Britain Ltd (BHP Billiton GB), a wholly-owned affiliate of BHP Billiton, holds a non-operating 16 per cent interest in the Bruce oil and gas field located offshore United Kingdom, together with co-venturers BP Exploration Operating Company Limited (BP) (operator and 37 per cent interest holder), Marubeni Oil & Gas (North Sea) Limited (3.75 per cent interest holder) and Total E&P UK Limited (43.25 per cent interest holder).

The Bruce platform provides transportation and processing services to the nearby Rhum gas field pursuant to a contract between the Bruce owners and Rhum owners (the Bruce-Rhum Agreement). According to BP, the Rhum field is operated by BP and owned under a 50:50 unincorporated joint arrangement between BP and Iranian Oil Company (U.K.) Limited (IOC). IOC is an indirect subsidiary of the National Iranian Oil Company (NIOC), which is a corporation owned by the Government of Iran. As a Bruce owner, BHP Billiton GB is party to the Bruce-Rhum Agreement, and BHP Billiton believes the activities thereunder are authorised by the U.S. Department of the Treasury under OFAC licence No. IA-2013-302799-4."

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“The U.S. Securities and Exchange Commission looked into BHP Billiton Ltd.'s (BHP.AU) activities in Iran and Cuba due to Washington's labelling of the countries as state sponsors of terrorism, according to documents filed with the regulator. In a document filed June 15, the world's largest miner said that it had earned US$361 million in revenues from Iran in the four years to the end of June 2009 and expected to make a further US$74 million from the country in the most recent financial year.” (FOX Business, "BHP Billiton's Iran, Cuba Activities Subject of SEC Inquiry," Aug. 8, 2010) 

Installed pipelines approximately 100km away from the Iranian Southern Coast and onshore pipelines that are routed to the facilities located approximately 4.5km inside Iran. Finished in 2008. (Company Website)

"WorleyParsons has been awarded by Kangan LNG to conduct the Concept Screening Study for its proposed 2 million tonnes per annum LNG production and export project in Kangan, Port of Tombak, Iran. This work, which is expected to be performed over 4 months, will be a WorleyParsons collaboration with engineering services being performed from the UK and Australia offices." (October 2017)

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"Iran and Australia have signed fresh agreements to forge closer ties, with Australian Trade Minister Steve Ciobo announcing the dawn of a new age of relationship. Ciobo is leading a trade delegation of more than 20 companies to Tehran, seeking out opportunities, buoyed by the prospects in Iran's mining, oil and gas, and other industries as well as the near 80 million population...Companies such as engineering company WorleyParsons and Australian Water Partnership seek to capitalize on historically strong economic ties to stake out a share of business opportunities in Iran." (Press TV,  "Australia hails 'dawn of new age' in Iran ties," 9/28/2016)

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Trade Minister Steven Ciobo is leading a business delegation to Iran this week in a bid to secure an early advantage for Australian companies looking for deals as the market of 80 million people re-enters the global economy. Mr Ciobo saidthe lifting of punitive sanctions following a deal to restrict the scope of Tehran’s nuclear aspirations meant there was “significant potential” from an Iranian re-engagement with the international community. The trade mission to Tehran is the first to the Islamic republic by an Australian trade minister since 2002, and follows the trip by Foreign Minister Julie Bishop in April in which she sought to recalibrate the relationship and persuade Tehran to take back hundreds of Iranian asylum-seekers. Mr Ciobo will use his visit to talk about trade with his Iranian counterpart, Mohammad Nematzadeh, and reopen Austrade’s office in Tehran to help Australian companies in doing business in the $US393 billion ($515bn) economy. Executives from GrainCorp, WorleyParsons, LiveCorp, Oil Search, Qantas, Sydney University and Rubicon Water will travel with Mr Ciobo tomorrow. (The Australian, "Steven Ciobo heads to Tehran to get jump on trade rivals," 9/25/2016)

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"WorleyParsons also announced today it would increase its investment in its Chinese business, MaisonWorleyParsons, to 80 per cent. But it said it would not take up any more contracts in Iran. ‘'It will complete existing contracts, subject to ensuring it does not breach any sanctions,’' WorleyParsons said." (The Sydney Morning Herald, "WorleyParsons profit stumbles admit project delays," 8/25/2010)

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“Australian engineering house WorleyParsons has signed an agreement with China National Petroleum Corporation (CNPC) to review a front-end engineering and design job left behind by departing French giant Total for Iran’s South Pars (SP) Phase 11 gas project. The three-month job, which involves reassessment of the FEED by Total before it withdrew from the project last year, is at least the second for Worley-Parsons in Iran in 2010. It also coincides with an escalating campaign by the US to isolate the country…. China is aggressively pursuing energy development in Iran, where Western oil companies are reluctant to get involved amid the threat of possible United Nations sanctions against its nuclear enrichment program. At the turn of this year, WorleyParsons teamed up with Linde of Germany to carry out a FEED for China National Offshore Oil Corporation’s (CNOOC’s) planned liquefied natural gas plant at the North Pars gas project. Both WorleyParsons and Linde worked in Iran before the intensification of Western sanctions against the country in the second half of the decade.” (Upstream, “New Player Set to Review Iran's South Pars 11 FEED,” 5/9/2010)

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“Iran LNG Company (Iran LNG) has lined up two consortia to contend for a EUR700 million contract to construct the liquefaction units at the center of the twin-train 10.5 million tons per year Iran LNG export scheme. The two consortia were: Pars International Development and Engineering Company (PIDECO) and WorleyParsons Limited; Farab Company and Hua Fu Engineering Company (HFEC).” (Energy Business Review, “Iran LNG Lines Up Two Consortia For EUR700 Million Contract To Construct Liquefaction Units,” 5/12/09)

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“Iran Offshore Engineering & Construction (IOEC) has awarded a sub-contract to Australia's Worley Parsons for the detailed design of elements of the platforms on phase 12 development of the giant South Pars gas field. 
It follows IOEC winning a $ 380 mm contract late last year to construct the top part of the platforms on the offshore rigs, known as topsides.

Houston gas specialist Intec, which was recently acquired by Worley Parsons, previously won an engineering contract for three undersea pipelines totaling 440 km for phase 12. Earlier this year Petropars, a subsidiary of National Iranian Oil Company (NIOC) and the developer of South Pars, awarded a $ 284 mm engineering, procurement and construction (EPC) contract to the local Aras consortium for phase 12. 
NIOC expects to award two further EPC deals, to a local and foreign consortium respectively, in May.

Most of the gas produced from South Pars phase 12 will be used to feed NIOC's planned Liquefied Natural Gas (LNG) plant. 
However, part of the output will also be pumped into the domestic gas network for use in petrochemical projects and reinjection to maintain pressure on oil fields.” (Alexander's Gas and Oil Connections, “Iran awards South Pars design deal to Worley Parsons ,” 4/22/08)
 

In January 2021, the State of New Jersey Department of the Treasury listed Som Petrol as a company engaged in prohibited activities in Iran pursuant to P.L. 2012, c. 25 ("Chapter 25"). 

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On October 14, 2020, Som Petrol remained on the Tennesse Department of General Services list of persons it determines engage in investment activities in Iran, as described in 12-12-105.

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As of July 1, 2020, Som Petrol is listed as an entity “determined, based on credible information available to the public, to be engaged in prohibited activities in Iran pursuant to New Jersey P.L. 2012, c.25 (“Chapter 25”). 

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As of April 15, 2020, Som Petrol is included as an entity determined to be non-responsive bidders/offerers pursuant to The New York State Iran Divestment Act of 2012.  

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As of April 15, 2020, Som Petrol is included on the Tennessee list of persons it determines engage in investment activities in Iran, as described in § 12-12-105. 

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On June 30, 2019, New Jersey listed Som Petrol on its state list of entities determined, based on credible information, to be engaged in prohibited activities in Iran.

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In 2018 and 2019 Tennessee used the New York list of “Entities determined to be non-responsive bidders/offerers pursuant to the New York State Iran Divestment Act of 2012.” Som Petrol was included on this list in 2018 and 2019. Tennessee states "Inclusion on this list would make a person ineligible to contract with the state of Tennessee, if a person ceases its engagement in investment activities in Iran, it may be removed from the list."

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"Iran’s Oil Ministry said the country had signed a €1 billion ($1.3 billion) pipeline deal to take gas to Turkey and a Turkish firm called Som Petrol said it was the partner in 
the project.

“The one billion euro deal to build 660km gas pipeline was signed on Thursday during the Iranian Oil Minister’s trip to Turkey,” the Iranian ministry said in a statement on Friday...

“The pipeline will enable Iran to export 50 to 60 million metres of gas per day ... It will be constructed within three years,” Javad Oji, head of the National Iranian Gas Export Co. (NIGC), told the Iranian Oil Ministry’s official website (sic) SHANA.

Oji was quoted by the Mehr news agency as also saying that 23 per cent of the project would be handled by the Iranian side and 77 per cent by the Turkish side. One of the world’s biggest oil and gas producers, Iran has been hit by US and UN sanctions that have hindered access to foreign investment and slowed its development as a major exporter.

The website identified NIGC’s Turkish partner as ASB Co., but Som Petrol said it had signed the deal.

“We signed the agreement on the Iran-Turkey pipeline yesterday,” Som Petrol’s Chairman Sitki Ayan told Reuters.

This agreement can be seen as continuation of a project that began in 2008.

Iran and Turkey first agreed on a pipeline project in 2008 with the aim of carrying Iranian gas to Europe.

Ayan said the pipeline would carry 110 million cubic metres of gas per day and is planned to be completed in 2014...

Som Petrol already has operations in Turkmenistan and has been looking to expand business with Iran. A unit of Som Petrol had applied to the energy regulator EPDK for permission to purchase electricity from Iran, according to officials from the regulator.

Turkey’s Energy Minister Taner Yildiz said neither the Turkish government nor state pipeline concern Botas were involved in the deal with Iran, though several private firms had  hown (sic) interest.

Compania Espanola de Petroleos SAU, or Cepsa, said in an IPO prospectus that it took the "final shipment" of Iranian crude in September. The Suezmax tanker Monte Udala loaded a cargo of around 1 million barrels of Iranian crude on Sept. 29, which it delivered to Cepsa’s Huelva refinery about three weeks later, according to tanker tracking data compiled by Bloomberg.

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Spanish refiners Cepsa and Repsol have been using Madrid-based Ares bank but Cepsa will stop imports from early July, sources familiar with the matter said, as later cargoes had not been agreed prior to the sanctions announcement. Cepsa previously said that it would load crude until November and hoped for a waiver. ("Spooked by Trump, Europe's Iranian oil purchases set to plummet," Reuters, 6/29/2018.)

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“Our trading activity (remains) business as usual ... We continue to strictly conform with European Union and international laws and regulations,” a Cepsa spokesman said." (6/6/2018).

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On January 3, 2017, the National Iranian Oil Company (“NIOC”) listed CESPA as one of the “designated 29 non-Iranian companies [ ] qualified to participate in its pending tender round for upstream projects.”  (Oil & Gas Journal Website, “NIOC qualifies 29 firms for tender round,” 1/3/2017). 

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On February 14, 2016, the Wall Street Journal reported that a tanker “will carry 1 million barrels of Iranian crude oil to the European Union for Spain’s Compania Espanola de Petroleos, or Cepsa.” (Wall Street Journal, “Iran Launches First Oil Shipments to Europe in Three Years,” 2/14/2016).

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On March 7, 2016, Bloomberg reported that 1 million barrels of crude oil from Iran arrived in Europe at a refinery owned by Cia. Espanola de Petroleos.” (Bloomberg, “Iran Oil Lands in Europe for First Time Since Sanctions End,” 3/7/2016).

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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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"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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“Compañía Española de Petróleos, S.A. (CEPSA) leads an industrial group made up of over 11,000 people, whose core activity is the refining of crude oil and marketing of petroleum products.

The company additionally has a strong petrochemicals division that is tightly integrated with the refineries, and is also involved in other energy-related businesses, such as oil and gas exploration and production, natural gas operations and electric power generation and sales.

CEPSA has been in the market for almost 80 years. Thanks to its flexibility and ability to adapt, CEPSA has become one of the leading companies in its sector in Spain. Through the progressive internationalisation of its activities, it also has business interests in Algeria, Brazil, Canada, Colombia, Egypt, Panama, Peru and Portugal, and sells its products all over the world” (Company website, “CEPSA – Profile”).

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"Cepsa, the second-largest oil company in Spain (behind Repsol YPF) refines 121,900 barrels of crude oil daily, primarily in three refineries. Its oil exploration and production efforts are focused on Algeria, Colombia, Egypt, Peru, and Spain. It has proved reserves of 172.5 million barrels of oil equivalent. Cepsa's marketing network includes more than 1,800 gas stations in Spain and Portugal. It also produces a range of chemical products (including polyester precursors, phenol, plasticizers, and polypropylene) and has gas and power interests. Spain's TOTAL controls 49% of Cepsa and Abu Dhabi's IPIC, 47%%" (Hoovers, “Compañía Española de Petróleos, S.A.,” 2010).

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As of April 2010, Cepsa imports 25 thousand barrels of crude oil per day from Iran. (Reuters, “Iran’s Crude Oil Buyers in Europe, Asia,” April 18 2010.)

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“Spain helps Iran in the fields of shipbuilding, oil and gas, power production and fishing, and Iran supplies Spain with mainly oil and petrochemicals.”

“In 2001, Iran exported to Spain $837 million worth of crude oil and various types of petrochemical products, while importing from that country $278 million worth of machinery, power turbines, medicine and chemical products. Trade activities aside, Spain has become a large non-Iranian investor in Iran's fossil energy and petrochemical industries over the last few years. This has reflected particularly in the activities of three major Spanish oil and petrochemical companies in that country. Repsol has invested 2 billion euros (roughly $2 billion) in exploring and extracting Iran's natural gas. The latter has uplifted the status of Spain in the Iranian economy, a result of the Iranians' efforts to reduce their consumption of oil and to switch to natural gas both for economic and environmental reasons.  Another Spanish oil company, Cespa, has been involved in the development of Iran's Cheshmekosh oilfield, while negotiating for its participation in developing certain Iranian offshore oilfields in the Persian Gulf. In the wake of President Khatami's visit to Spain, Cespa and the Spanish government expressed hope to settle disagreements with the Iranian government on the latter during the presidential visit” (Asia Times, "Spain seeks a bigger share in Iran," November 23, 2002).