May 26, 2018
Iran has found an unlikely buyer for its crude oil after the decision by the US to re-impose sanctions in the form of Chile, trading and shipping sources said.
Chilean state-owned refiner ENAP bought 140,000 tons of Iranian crude for May loading in a rare move, they said.
This is the first time Chile has imported Iranian crude in almost 18 months, according to data from S&P Global Platts trade flow software cFlow.
Chile mainly relies on crude oil imports from Brazil, Ecuador, Peru and Argentina, but occasionally buys from Middle Eastern countries such as Iraq, Saudi Arabia and Kuwait.
State energy company ENAP is Chile’s sole oil refiner, which operates two refineries — Aconcagua and Biobio — with around 220,000 b/d of refining capacity.
The order was registered just days after President Trump withdrew the US from the Iran nuclear agreement, so it probably had no connection to that decision.
