Iraq is looking to lease oil tankers to serve as floating storage after the US sanctioned an important oil products terminal at Basra’s Khor al-Zubair port earlier this month. The US Treasury imposed sanctions on VS Oil, registered in the UAE as VS Oil Terminal FZE, alleging that it was actively involved in blending sanctioned Iranian fuel oil with Iraqi barrels at the six-tank facility it manages. Volumes were then exported as Iraqi fuel oil to regional hubs using forged documents, according to the US.
Washington says the terminal and its VS Tankers affiliate have ties to Iraqi-British businessman Salim Ahmed Said, who it says has avoided any formal association with these companies. (CONTINUED - 2249 WORDS)
