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ENOC replaces sanctioned Iran oil with Qatari supplies

Industry

Emirates National Oil Company (ENOC) has started importing condensate from Qatar to replace sanctioned Iranian oil, according to the Dubai government-owned company

ENOC became the largest buyer of Iranian condensate in 2012 when its imports rose to an average of 127,000 bpd, up from 106,000 bpd in 2011, despite US pressure to stop the trade.

US officials have for months been leaning on ENOC to find alternative sources for a refinery, which provides the city's two million expatriate residents with cheap fuel, according to Reuters.

ENOC, which needs to import oil because Dubai's crude production is too meagre to satisfy its thirst for fuel, has now begun importing the light oil from Qatar and is scouring the globe for more.

"ENOC has already started importing condensates from Qatar to meet the current local market demand," ENOC said in a statement.

"With oil price volatility continuing to have a bearing on financial bottom lines, along with increased demand for petroleum products and the shortage of imported condensates from Iran because of the applied economic sanctions, we are evaluating various sources for condensate for our refinery."

ENOC did not give any details of the price it has agreed to pay Qatar, one of the world's largest condensate producers, or identify other producers it is in talks with.

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