Samsung Total revives Iran oil contract
- Iran: Sunday, January 27 - 2013 at 05:07
South Korea-based Samsung Total Petrochemicals, a joint venture between South Korea's Samsung Group and French energy giant Total, has revived a contract to buy Iranian oil after a year's hiatus, as thin margins in plastics make the cheap fuel from Iran hard to resist, Reuters has reported, citing sources familiar with the deal. The deal may save Samsung Total as much as $6.7m in costs. The company stopped importing oil from Iran last year as the US and European Union imposed sanctions to halt a nuclear programme the West suspects Iran may be using to develop arms.
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