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U.S. Sanctions Three Oil Traders Over Iran

Source: Bloomberg 1/13/2012, Location: Asia

U.S. authorities placed sanctions on three oil trading companies, including China’s Zuhai Zhenrong, for selling refined products to Iran, the Financial Times reported, citing the U.S. State Department.

The other two traders were Kuo Oil Pte. Of Singapore and a U.A.E.-based company, named as FAL, the newspaper said. The State Department said all three would be barred from receiving U.S. export licenses, export-import funding, and loans over $1 million from U.S. financial institutions, the FT said.

Zheng Mei, a director at Zuhai Zhenrong, denied the company had ever exported refined fuel to Iran, the newspaper added.

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