News ID: 216415
Published: 0218 GMT June 09, 2018

Iran ships first crude to Chile in 16 years

Iran ships first crude to Chile in 16 years

An oil tanker transporting Iranian crude is making the first delivery to Chile in at least 16 years, which shows Iran may be seeking new customers for its oil in the face of renewed US sanctions.

The Monte Toledo, a Suezmax-class tanker able to transport one million barrels, is due to reach the Pacific Coast port of San Vicente on July 12, according to signals from the ship. It exited the Persian Gulf earlier this month after loading at Kharg Island, Iran's main export terminal, Bloomberg reported.

Chilean government data showed the country hasn't imported any crude from Iran in at least 16 years.

China, India, South Korea, and Japan are Iran's biggest customer, but Europe took a growing share of exports in 2017, buying about 624,000 barrels a day.

China, which founded a system last month to pay its purchases in yuan, has promised to use the Chinese currency to pay Iran for the oil.

Moscow and Tehran that seek to reduce US economy leverage in their economies signed an agreement to use a system of barter rather than exchanging dollars.

Iran no longer used dollar for trade. It has replaced the US currency with the European one.

When Trump re-imposed sanctions on Iran on May 8, he gave buyers of the country's oil 180 days to cut their purchases or be driven out of the US banking system. The European Union sent a letter to the US Treasury on June 4 asking for exemptions from sanctions.

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