Egypt to Continue Iranian Oil Transit Despite EU Embargo

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RIA Novosti, PUBLISHED July 17, 2012

Egypt will not stop transporting Iranian oil through the Suez Canal and internal pipelines despite the EU embargo on oil exports, Egypt's Al Ahram newspaper reported on Sunday quoting a source.

The EU-brokered embargo on Iranian oil exports came into force on July 1, six months after the 27-nation bloc, which stands for 18 percent of Iranian oil exports, introduced an oil embargo on the Islamic Republic.

"Iranian oil, like any other oil, is transported in terms of contracts which are updated every year. We have not received any notifications to ban oil shipments from Iran," the source in Egyptian energy sector told the paper.

Iranian oil is transported through pipelines owned by Egyptian SUMED firm, the paper says.

"The embargo only affects the EU states, we do not have anything to do with it," the source added.

Western nations suspect Iran, which is already under four sets of UN Security Council sanctions, of pursuing a secret nuclear weapons program but Tehran insists it needs nuclear power solely for civilian purposes.

Topics: Asia, Egypt, Iran

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