(Rueters) – Russian oil major Lukoil will cease supplying petrol to Iran, industry sources said yesterday, the latest addition to a list of companies that have halted shipments ahead of any possible international sanctions.
Lukoil, Russia's No 2 oil company, has been supplying petrol to Tehran intermittently, moving between about 250,000 barrels to 500,000 barrels every other month, traders said.
"They are not one of the major players in supplying petrol to Iran, they do it on occasion," a trader said.
"But now they will stop because of pressure coming from their head office in Moscow," he said.
Lukoil moved a 250,000 barrel shipment of petrol to Iran's Bandar Abbas port between March 10-12, shipbrokers said. Lukoil declined to comment.
Sources familiar with the company said that the Russian energy giant had received verbal directions from senior management instructing traders involved in petrol sales to Iran to cease business activity.
Lukoil has significant exposure in the United States with about 2,000 retail petrol stations, the largest presence there among Russian oil firms.
