French integrated oil and gas major Total SA (TOT, FP.FR) Monday confirmed that Samsung Total Petrochemicals, its joint venture with South Korea's Samsung Group, has resumed buying crude oil from Iran, but insisted it was complying with all international sanctions.
French integrated oil and gas major Total SA (TOT, FP.FR) Monday
confirmed that Samsung Total Petrochemicals, its joint venture with
South
Korea
's Samsung Group, has resumed
buying crude oil from
Iran
, but
insisted it was complying with all international sanctions.
"Total complies with all legislations applicable to it. Neither Total, nor
any of its subsidiaries are a party to such transactions by STC," a
group's spokesman said in a statement.
The European Union and the
U.S.
implemented sanctions on
Iran
in
July last year. The sanctions forbid European and
U.S.
groups, as well as companies doing business in
Europe
and
the
U.S.
, from
buying Iranian crude oil as part of an embargo scheme designed to force
Tehran
to
abide by international nuclear standards.
South Korea
obtained a waiver from the U.S. State Department in June 2012, which was
renewed for an additional six months in December. "Any purchase of
petroleum products by any South Korean company is covered by this
exemption," the Total spokesman explained.
"
South Korea
has
obtained an exemption from the American State Department under the
Iran
sanctions thus allowing
South Korea
to
continue to purchase crude oil and petroleum products from
Iran
,"
the spokesman added.
STC stopped acquiring Iranian crude last year while Total stopped using Iranian
oil in December 2011, replacing it with mostly Saudi oil. Yet it has been recently
reported that STC has been acquiring cheaper crude oil and petroleum products
from
Iran
.
Samsung and STC weren't immediately available for comment and the Total
spokesman declined to comment on how much Iranian crude was acquired by its
Korean unit and whether it was still buying oil from
Iran
.
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