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Singapore named in US EIA report for involvement in export and sale of Iranian oil

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Report on Iranian Petroleum and Petroleum Product Exports also named other ports in Asia including Malaysia, Taiwan, Thailand, South Korea and China.
RESIZED CHUTTERSNAP on Unsplash

A US Energy Information Administration (EIA) report released on Monday (9 October) named Singapore among ports around the world involved in the export and sale of Iranian petroleum products. 

The Report on Iranian Petroleum and Petroleum Product Exports also named other ports in Asia including Malaysia, Taiwan, Thailand, South Korea and China. 

Vitol, East Asia General Trading, ENOC, Max Energy, MRPL, Naftiran Intertrade Company Limited and Voliton were among the listed companies and vessels involved in the export and sale of Iran’s petroleum and petroleum products.  

The report found that Iran made USD 53 billion to USD 54 billion in 2022 and 2023 in revenue for petroleum exports and sales, which is a huge jump from USD 37 billion made in 2021 and USD 16 billion made in 2020. 

The U.S. Energy Information Administration (EIA) prepared this report to fulfil Section 4 of the Stop Harbouring Iranian Petroleum Act, or the SHIP Act, enacted on April 24, 2024. 

The act requires that no later than 120 days from the enactment date and annually thereafter the Administrator of EIA submit a report describing “Iran’s growing exports of petroleum and petroleum products” to the appropriate congressional committees.

The act details 11 elements to be included in the report, including information on Iran’s export and sale of petroleum and petroleum products, Iran’s labelling practices of exported petroleum and petroleum products, and companies, ships, and ports involved in the export and sale of Iran’s petroleum and petroleum products.

The report noted that “because of challenges with data availability and transparency, nearly all the petroleum and petroleum product data presented in this report are estimates rather than actual data”.

In November 2018, the United States officially reimposed all sanctions that were lifted under the 2015 Iran nuclear deal. After a six-month waiver expired in May 2019, Iran was under complete sanctions on oil exports.

Note: The Report on Iranian Petroleum and Petroleum Product Exports can be found here.

 

Photo credit: CHUTTERSNAP on Unsplash
Published: 14 October, 2024

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