Español

 

Guyana


Trinidad
& Tobago




Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

Petrobras to fuel iranian ships -Court orders

mercopress

Petrobras has to supply the ships -- which have been floating for over a month off the port of Paranagua, due to the risk of U.S. sanctions.

- Company to comply with ruling, person close to Petrobras said
- Iran threatened to cut imports from Brazil over imbroglio

By Sabrina Valle and Tatiana Freitas / Bloomberg

RIO
Petroleumworld 07 31 2019

A Brazilian top court justice ordered Petroleo Brasileiro SA to refuel two Iranian ships stranded off the country's cost after the state-controlled oil company refused to do so for fear of U.S. sanctions.

Petrobras, as the Rio de Janeiro-based oil giant is known, will comply with the decision, a person close to the company said. A spokesman for Justice Dias Toffoli, who ruled on the matter, declined to comment because the case was filed under seal.

The producer has said it could face “significant losses” if included under U.S. sanctions -- a concern echoed by Brazil's Foreign Minister Ernesto Araujo. “We've been calling attention to the fact that Petrobras could be subject to losses in its U.S. activities and that remains being the case,” he told reporters in Brasilia after the decision. “But the company will act in accordance to the court's determination.”

The two ships have been floating since early June off the port of Paranagua, about 450 kilometers (280 miles) south of Sao Paulo, one of them loaded with corn bound to Iran. The Islamic republic, which buys one third of all of Brazil's corn exports, had threatened to cut its imports from the country unless the ships were refueled.

While Brazil has a long history of good relations with Tehran, President Jair Bolsonaro's commitment to ripping up the country's traditional foreign policy to side with U.S. President Donald Trump has put those ties in doubt. On Sunday, Bolsonaro told reporters Brazil was “aligned” with the U.S. policies, including on Iran.

Iran and the U.S. have been at loggerheads since last year, when Trump withdrew the U.S. from a 2015 nuclear agreement with the Islamic republic, calling it the “worst deal ever.” The fate of the vessels is the latest evidence of how the Trump administration's policies are affecting other countries and rattling commodities markets across the globe.

Brazil's detachment from Middle Eastern countries is not beneficial for its exports, and the South American nation should try to reconnect with them, said Ali Ahmad Saifi, executive director at CDIAL Halal, a company that accounts for about 60% of all the chicken that's certified in the country in accordance to Islamic law.

“Brazil has the opportunity to keep great relationships with everyone. We don't need to import foreign problems,” Saifi said. “Arab countries are important to Brazil's exports; it's important to have a great relationship with them.”

The Middle East imported around $9.7 billion in Brazilian products past year, according to Brazil's trade ministry figures. Agriculture goods accounted for more than 70% of the total. Main exports to thee region include chicken meat, totaling $2 billion last year, followed by sugar, corn, iron ore, beef and soy products.

Brazil's president is planning to visit the United Arab Emirates, Saudi Arabia and Qatar in October.

— With assistance by Samy Adghirni



Story by Sabrina Valle and Tatiana Freitas from Bloomberg.

bloomberg.com/ 07 30 2019

________________________


We invite you to join us as a sponsor.

Circulated Videos, Articles, Opinions and Reports which carry your name and brand are used to target Entrepreneurs through our site, promoting your organization’s services. The opportunity is to insert in our stories pages short attention-grabbing videos, or to publish your own feature stories.

________________________

Copyright© 1999-2019 Petroleumworld or respective author or news agency. All rights reserved.

We welcome the use of Petroleumworld™ (PW) stories by anyone provided it mentions Petroleumworld.com as the source.

Other stories you have to get authorization by its authors. Internet web links to http://www.petroleumworld.com are appreciated.

Petroleumworld welcomes your feedback and comments, share your thoughts on this article, your feedback is important to us!

We invite all our readers to share with us
their views and comments about this article.

Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

Twitter: @petroleumworld1


 

 

TOP

Contact: editor@petroleumworld.com,

Editor & Publisher: Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2019, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2019, Petroleumworld ™  / Elio Ohep - All rights reserved


This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.