The announcement was a surprise. Malaysia and Petronas have been close to Iran and have objected to American sanctions in the past. Petronas, for example, was understood to have continued selling gasoline to Iran in 2010 after the US Congress authorized sanctions against such firms.
But Petronas and the Malaysian government have said little in recent months as the sanctions craze has spread far beyond the United States and has been adopted with a vengeance by the 27 nations of the EU.
Oil & Gas News reported last week that sources at Petronas told it the company was now lining up alternative suppliers and would not be importing Iranian crude beyond the end of this month.
Petronas had been importing 50,000 to 60,000 barrels a day of Iranian crude, the sources said, or about 2-1/2 percent of Iran’s exports as of last year. Petronas was believed to be the sole Malaysian importer of Iranian crude.
The Iranian crude accounted for about 15 percent of Malaysia’s crude imports.
Malaysia was one of 24 countries that imported Iranian crude last year.