Samsung Total revives contract to buy Iranian oil after a year

30-Jan-13
South Korea's Samsung Total Petrochemicals Co has revived a contract to buy Iranian oil after a year's hiatus. Margins in polymers have been thin making the cheap fuel from Iran hard to resist, as per Reuters. Stringent U.S. and European sanctions aimed at reducing Iran's oil income and forcing Tehran to curb its nuclear program have made shipping and paying for the oil hard, halving the Islamic Republic's crude exports.
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