Join us on

Kuo Oil

Kuo Oil

Industry: 
Energy
Country: 
Singapore
Sources: 

"Kuo Oil, a Singapore-based oil trading company, is seeking ships to load Iranian fuel oil, according to a shipping broker report, now that it is finally clear of U.S. trade sanctions imposed in 2012 for trading with the country. The United States lifted the sanctions on Saturday against Kuo, also known as Kuo International Bunkering, as part of its broader relaxation of sanctions against Iran for compliance with an agreement to curtail its controversial nuclear programme. The sanctions were handed down on Kuo in January 2012 for providing over $25 million in refined petroleum products to Iran between late 2010 and early 2011. Now that sanctions are lifted, Kuo is seeking tankers to lift Iranian fuel oil from Bandar Abbas loading between Jan. 29 and 30 and another from Bandar Mahshahr for loading between Feb. 6 and 8, totaling 120,000 tonnes, according to a January 20 report from shipbrokers Clarksons. While Kuo appears to have cargoes available, other shipbrokers see obstacles for Kuo's attempt to fix a vessel to load from Iranian ports because of problems with finding insurance for the ship. 'Even if Iran's sanctions have been lifted, P&I Club underwriters won't have the ability to load out of Iran until sometime later,' said a Singapore-based tanker broker." (Reuters, “Singapore's Kuo Oil seeks ships for Iranian fuel oil now sanctions gone,” 1/21/2016)

--

"Some firms on the list already are the targets of federal sanctions. They include the state-run Petroleos de Venezuela, the Belorussian firm Belarusneft, China's Zhuhai Zhenrong Co., Singapore's FAL Oil Co. and Kuo Oil, and Switzerland-based Naftiran. Others, including Angola's Sonangol, reportedly have pulled out of Iran in response to international sanctions." (The Baltimore Sun, "22 companies are listed for alleged Iran ties, sanctions," 9/17/2012)

--

"Iran's fuel oil exports fell nearly 50 percent from May to June, according to industry sources, adding to declines earlier this year and to the strain on Tehran's finances as sanctions have hit its oil trade…Western sanctions do not specifically ban the purchase of Iran's fuel oil but instead target the financing and shipping insurance needed to buy and transport Iranian cargoes, creating difficulties for would-be customers that effectively have slashed trade with Iran.

No one is willing to insure any Iran-related oil cargo,' a Gulf-based trader said. 'Plus the trade has to be in any other currency than the dollar.'

The United States has blacklisted some companies due to their business links with Iran, including United Arab Emirates-based Fal Oil and Singapore's Kuo-Oil, once lifters of Iranian fuel oil." (Reuters, "Iran fuel oil exports plummet in June-industry data," 7/12/12)

--

"The US state department announced late on Thursday that penalties would be imposed on China’s Zhuhai Zhenrong, the Singapore-based oil trader Kuo Oil, and the United Arab Emirates-based independent oil trader FAL." (Financial Times, "US sanctions Chinese oil trader," 1/13/2012)