Norway’s Statoil receives regular amounts of butane and propane from Iran as its creditor, according to reports.
Press spokesperson Bård Glad Pedersen tells NA24, “that is correct, and this is in line with the original contract’s repayment options.”
Ban on oil
The EU announced, Monday, it was to impose a total ban on oil imports from Iran effective 01 July. Statoil says it will be raising the matter with Norwegian authorities.
However, Mr Glad Pedersen underlines that debt repayments relating to already-completed contracts in the form of petroleum product are exempted.
“Our assessment, therefore, is that we will still be able to receive these even after the sanctions come into force. We will continue our dialogue with Norwegian authorities to ensure this is understood,” he concludes.
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TransMontaigne Partners held 50 percent interest in the Battleground Oil Specialty Terminal Company, or BOSTCO, joint venture, which is slated to build 52 oil storage tanks with a total capacity of 6.6 million barrels on the Houston Ship Channel.
Kinder Morgan Energy Partners now owns 98 percent of the project, with an unnamed BOSTCO customer controlling the remaining 2 percent.
Construction began Dec. 14 on the terminal, which will handle low-grade petroleum products and residual fuel used by ship engines and industrial plants. It will begin limited operation in the third quarter of 2013. The terminal is scheduled to be fully operational in early 2014.
“The project will include one of the deepest vessel drafts in the Houston Ship Channel and position Kinder Morgan extremely well for the growing trend of exporting petroleum related products overseas,” said Kinder Morgan Terminals President Jeff Armstrong in a written statement.
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