customers have begun significant jousting and re-positioning to
avoid trouble caused by the U.S. sanctions levied against the
Middle Eastern nation. Iran's commerce partners are preparing for
the restrictions applied in the middle of the year, Reuters
Turkey is searching for alternate purveyors, India is keeping
in mind and smaller nations in Asia believe their small imports
from the oil-rich nation are so small they hardly merit financial
penalty. Under western and United Nations scrutiny for its nuclear
ambitions, the oil-rich Middle Eastern nation is set to conduct its
second international diplomatic meeting next month in Baghdad.
Irani officials met U.N.
council members earlier this month in Istanbul.
"The bottom line is that there are alternative suppliers. We are
not buying at a subsidized price. We are buying at an international
Minister Mehmet Simsek told reporters during last week's Group of
20 finance ministers meetings in Washington. "We obviously comply
with United Nations sanctions. With U.S. sanctions, of course now
we are looking at basically options out there in terms of oil. It's
premature but something is being worked out."
But Russian, Chinese, additional Asian nations and some Indian
firms are capitalizing on the vacuum being created, FARS News
A four-day International oil and
show in Tehran last week revealed an aggressive presence of Asian
and East European firms while western interests were only
represented by outfits from Norway and Austria.