Futures Market News
Sanctions against Iran create increased opportunity for Chinese, Asian interests
Apr 23, 2012 12:53 PM
The application of western nations' sanctions against oil-rich Iran due to its nuclear ambitions represents an opening to capitalize on increased opportunity, according to Fars News Agency.
Some Turkish firms are considering other options, small Asian nations are looking to be excused due to the small amount they import from the Middle Eastern nation, and Indian outfits are pondering next steps, according to Reuters. But still other Indian outfits are increasing their activity, as are Chinese and Russian firms.
"Sanctions are a kind of good opportunity for us," a Ukrainian oil executive told Fars News.
The sanctions applied against Iran by the U.S. are set to be implemented in the middle of the year, but, before that, the Middle Eastern nation is set to discuss the matter next month in Baghdad with the U.N. security council, the second round of these meetings. The first was earlier this month in Istanbul.
Tehran last week hosted a four-day global gas and oil show that saw increased activity among Asian and East European firms but the only western interests to partake in the event ending Thursday were firms from Norway and Austria.
The Tehran Times reports all Asian and African refiners that purchase Irani oil renewed contracts for this year.
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