Nigeria emerged the largest supplier of crude oil to Spain

at 12:47 PM, 10 Apr 12 (5 years ago)
(3865 | Gistmaniac) (m)

     Spain's crude imports from Iran dropped in January, while its supplies from Nigeria increased from 636,000 tonnes in December 2011 to 838,000 tonnes in January 2012, following the sanctions imposed by the European Union (EU) on the Islamic Republic of Iran.

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.



http://allafrica.com/stories/201204100258.html

Idbabe at 12:51 PM, 10 Apr 12 (5 years ago)
(8078 | Hero) (f)
 Lips Sealed Lips Sealed Lips Sealed Lips Sealed Lips Sealed Lips Sealed Lips Sealed Lips Sealed
Reply
rayOFsunshine at 12:56 PM, 10 Apr 12 (5 years ago)
(979 | Upcoming) (f)
more money in the pockets of polithievcians
Reply
NJOKUPRINCE at 12:57 PM, 10 Apr 12 (5 years ago)
(323 | Upcoming) (m)
where is the money?? Lips Sealed Lips Sealed Lips Sealed
if niger-delta guy sees this, una go hear am o Grin Grin

Reply
Idbabe at 01:03 PM, 10 Apr 12 (5 years ago)
(8078 | Hero) (f)
Quote from: NJOKUPRINCE on 12:57 PM, 10 Apr 12
where is the money?? Lips Sealed Lips Sealed Lips Sealed
if niger-delta guy sees this, una go hear am o Grin Grin

We don already c guy, even the poster is one of us.  Never mind, we r on it.  U will hear from us soon
Reply

LATEST COMMENTS

  1. Deltaboy1 on: Photo Of 'Billionaire', Ibrahim Tumsah Tagged The Most Corrupt Civil Servant, See His Alarming W
    Hausa kill this nation called nigeria... 4 mins ago ago
  2. WhaleDog on: Pastor Arrested After Congregants He Sprayed Insecticide On During Service, Suffer Health Challe
    Deliverance from insect infection ! Pastor Na car kill u ... 1 hr ago ago
  3. WhaleDog on: HUH? Suspected Kidnapper Refuses To Die After He Was Beaten, Set Ablaze By Mob In Mushin, Lagos
    Na d fire never burn very well before police arrival at the spot .I beg mske una no dey promote the ... 1 hr ago ago
  4. WhaleDog on: Pastor Arrested After Congregants He Sprayed Insecticide On During Service, Suffer Health Challe
    He think Na insect wey plenty for una house follow una come to church ,knowing his followers are pov... 2 hrs ago ago
  5. WhaleDog on: Haters Come Out In Droves & Say Is Photoshop - Uti Nwachukwu Says After Flaunting Newly Acquired
    PIkin dey worry u ! Na dis pack be your selling point or Na your confidence there to make u attracti... 2 hrs ago ago