Samsung Total Petrochemicals will resume buying Iranian oil

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Samsung Total Petrochemicals will resume buying Iranian oil

Samsung Total Petrochemicals 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, according to sources familiar with the deal on Friday.

Stringent United States and European sanctions aimed at reducing Iran’s oil income and forcing Tehran to curb its nuclear program have cut the Islamic republic’s crude exports in half.


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