Italy to Represent Canada in Tehran

Italy will represent Canada’s interests in Iran. Italian Foreign Minister Giulio Terzi said Canada had made the request after the Sept. 7 closure of the Canadian embassy in Tehran. 

Italian Refiner to Increase Libyan Imports Amid Declining Prices

Italian refiner Saras said today that it will replace Iranian crude that accounts for 10 percent of its throughputs with Libyan crude by 1 July, the deadline on EU oil embargo on Iran [argusmedia.com, 28 February].

The company said the rapid return of Libyan paraffinic crude exports to the market after last year's civil war had an immediate positive effect on its refining operations.

Meanwhile, the commodity broker Compass Global Markets said today that the markets have overestimated the potential of Western military action against Iran, and as a result oil prices will continue its decline of recent days.

“We've got a $15 premium built in (to the current price) because of this fear of an escalation in the Middle East, and that premium is going to unwind. The premium is excessive and we'll see oil fall below a hundred dollars in the next month or two,” said Compass CEO Andrew Su [CNBC.com, 28 February].

Iran Cuts Oil Exports to Six European Countries

Oil Counter Sanction

Responding to the sanctions imposed by the EU against its oil and banking sectors, Iran today announced that it has cut oil exports to the Netherlands, Spain, Italy, France, Greece and Portugal effective immediately. The EU had given its members, including the six, a grace period until July to stop their import of Iranian oil.

The ambassadors of the six countries were summoned to the Ministry of Foreign Affairs in Tehran late on Wednesday and were told of Iran’s decision [Fars News Agency, 15 February].

Diplomatic Fallout From Storming the British Embassy

The diplomatic fallout from the storming and ransacking of the British embassy in Tehran continued today:

• In an extremely rare diplomatic move, Britain ordered the expulsion of the entire diplomatic staff of the Iranian embassy in London and evacuated all of its own diplomats from Iran,
• Norway announced that it has closed its embassy in Tehran,
• France, Germany and the Netherlands all recalled their ambassadors from Iran,
• Italy said it is considering to close its embassy in Tehran.

Iranian Reporter Among Detainees in Italy

Hamid Masouminejad, the Rome correspondent for Iran’s state-owned national TV network was confirmed to be one of the two Iranians arrested in Italy on arms trafficking charges.

IRIB foreign news director Hassan Abedini said the network would hire a lawyer to defend Mr. Masouminejad.

Italian police said Wednesday that five Italians and two Iranians were detained in the case. They are accused to ship weapons to Iran through third countries despite a UN embargo on such shipments.