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Glencore International halts gasoline shipments to Iran

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NEW YORK (Press Release)–According to a report by the ‘Wall Street Journal’, the leading Swiss commodities trader Glencore International halted gasoline shipments to Iran several months ago, partly in response to the rising prospect of stricter international sanctions against Iran for continuing its nuclear program.

Glencore has long been one of the biggest gasoline providers to Iran, and the move could frustrate Iran’s ability to meet its country’s fuel needs, the WSJ said. Iran has been forced to rely on foreign gasoline because of inadequate refining capacity. That sector is a possible target of expanded sanctions by the United Nations.

Last month, the US House of Representatives adopted a bill that bars companies doing business with Iran in the oil and gas sector in excess of US$ 20 million a year from trading in the United States. The Senate is expected to approve the bill soon.

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