Energy companies are grappling with sophisticated techniques used by Iran to evade U.S. sanctions
The cargo was intended for Sicily’s Milazzo oil refinery, which Eni jointly owns with Kuwait Petroleum Italia. Photo: Roberto La Rosa/Alamy By Sarah McFarlane and Benoit Faucon June 19, 2019 1:43 pm ET Italy’s oil giant Eni E 0.70% SpA has rejected a cargo of suspected Iranian crude, as energy companies grapple with sophisticated techniques used by Iran to evade U.S. sanctions.
The Eni spokesman said the company “is not aware if, or has evidence of, a precise geographical origin different from that indicated on the documents of origin and load.” Oando Trading’s general manager of corporate development Effanga Effanga, said “at the point of loading there was a joint inspection between Eni and Oando and it met contract specifications and at the point of discharge we found out it was off-spec due to the sulfur content.” Mr. Effanga declined to specify whether that inspection took place in the Persian Gulf or elsewhere.
The dismissal was “in respect to a transaction involving breaches of internal rules and fiduciary duties related to a transaction on high density polyethylene prior to the current White Moon issue coming under scrutiny.”Iran was suspected during sanctions earlier this decade of selling sanctioned crude by using tactics such as disguising oil’s origins and getting tankers to turn off location-tracking devices.
Before unloading oil to the White Moon, New Prosperity received its cargo from a ship-to-ship transfer with a Vietnam-flagged vessel named Abyss. Ship-tracking data showed Abyss wasn’t emitting a radio signal for its location between April 24 and May 3.
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