Apr 10 2012
By Ejiofor Alike, with agency reports
With this development, Nigeria has emerged the largest supplier of crude oil to Spain, after crude supplies from Saudi Arabia also dropped from 822,000 tonnes in December 2011 to 689,000 tonnes in January 2012.
Nigeria was the second-largest supplier of crude to Spain in December 2011, after Saudi Arabia, which supplied 822,000 tonnes.
Iraq is now the third-largest supplier of crude oil to Spain, with 657,000 tonnes.
According to Reuters, official data showed that Spain’s imports from Iran dropped from 407,000 tonnes in December 2011 to 279,000 tonnes in January 2012, representing 31 per cent decline.
In its latest monthly bulletin, strategic hydrocarbons reserve board CORES estimated that as a proportion of total imports, Iranian crude fell to six per cent in January from 9.5 per cent in December, which compares with around 14 per cent in previous months.
Spain, which needs to import virtually all of its crude, ramped up imports in January from Nigeria, Iraq and Libya, where production has been returning to normal after last year’s civil war.
The EU imposed sanctions on Iran on January 23 over the Islamic republic’s nuclear programme, although importers have until July 1, 2012 to execute previously signed contracts.
Reuters quoted trade sources as saying they expected Spain’s crude imports from Iran to have dropped further in February.
Spain’s biggest refiner, Repsol, has repeatedly declined to comment on details of its oil purchases, but in February, the government said the country’s two biggest oil companies had arranged to switch imports from Iran to Saudi Arabia, Russia and, to a lesser extent, Iraq.
Cepsa, Spain’s No. 2 refiner has said it plans to source crude from the United Arab Emirates.
Repsol has the capacity to refine 890,000 barrels per day and Cepsa, which is owned by Abu Dhabi investment vehicle IPIC, 430, 000 refines bpd.
Viewed 458 times by 172 viewers0 Latest Posts
- We ‘re cause of our problems in the North – Sultan
- Tukur dares govs, replaces Oyinlola
- First Lady Off to Germany for Medical Check-up
- Court Remands Kaduna Deputy Speaker in EFCC Custody
- Recruitment: Labour Faults Power Ministry’s Move to Engage HR Consultants
- Police Foil Attempt to Defraud Kano of N300m
- Missing key stalls Ikuforiji’s trial
- Ogun recruits 725 into state public service
- Govs demand role in helicopter crash probe
- How Ajimobi won 2011 Oyo gov poll – Tokyo