Samsung Total Petrochemicals revives contract to buy Iranian oilJanuary 25, 2013 - 15:01 AMT PanARMENIAN.Net - South Korea's Samsung Total Petrochemicals Co has revived a contract to buy Iranian oil after a year's hiatus, as thin margins in plastics make the cheap fuel from Iran hard to resist, Reuters reported citing people familiar with the deal. Stringent U.S. and European sanctions aimed at reducing Iran's oil income and forcing Tehran to curb its nuclear program have made shipping and paying for the oil hard, halving the Islamic Republic's crude exports. The deal is a rare example of a buyer returning to the market for Iranian oil despite the obstacles arising from sanctions and efforts by Western powers to stem the flow. After jarring interruptions in exports from Iran last year that included a halt in shipments to top consumers Japan and South Korea, importers have found ways to keep oil flowing without violating sanctions. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Armenia, Turkey discuss restoration of historic bridge The meeting took place on May 17 in Ashgabat on the sidelines of an international conference of ministers of culture. EU welcomes Armenia-Azerbaijan “progress” The EU has welcomed “progress” made in the framework of the Armenia-Azerbaijan border delimitation process. Belarus opposition leader slams Lukashenko for Karabakh trip Belarusian opposition politician Sviatlana Tsikhanouskaya has harshly criticized the visit of Lukashenko to Karabakh. Mkhitaryan raises arrest of former Karabakh leaders in Azerbaijan Inter Milan star Henrikh Mkhitaryan has shared a news story about the extension of the arrest of former Karabakh leaders. |