NCRI – The EU ban on propane and butane trade with the Iranian regime has brought its Liquefied Petroleum Gas (LPG) exports to a near standstill. Propane and butane have now been included in an annex to the EU Council Regulation of December 21, 2012, concerning restrictive measures against the Iranian regime for its nuclear program.
In its latest “frequently asked questions” document issued last week, the International Group of P&I Clubs, an association of major marine insurance providers, said that propane and butane are included under the EU ban on natural gas trade with Iran, a global provider of energy information reported on Wednesday. The amended rules prohibit “the purchase, transport or import into the European Union of Iranian ‘natural gas’, being, natural gas condensates, natural gas in liquefied state, natural gas in gaseous state, propane and butane, the swapping of natural gas which originate in Iran or has been exported from Iran,” said the document from the grouping of 13 member clubs that provide liability cover for nearly 90% of the world’s shipping tonnage, according to the report by Platts.
“There have been no takers,” one trade source said, referring to fears among shippers that they would not be insured to transport LPG from Iran.