Singapore cuts Iran fuel oil imports as sanctions kick in (JMD quoted)
28-Jun-2012 19:07 By Luke Pachymuthu and Lee Yen Nee SINGAPORE, June 28 (Reuters) - Singapore's fuel oil imports from Iran fell nearly 60 percent from their 2012 peak in June, as the city state applies pressure to oil firms to reduce trade with the Islamic Republic to win an exemption from U.S. sanctions. The U.S. has granted waivers to major importers of Iranian crude such as India, Japan and South Korea, leaving just Singapore and China facing the threat of penalties that apply from Thursday and that could hurt the island's important financial industry. International Enterprise (IE) Singapore, the country's trade agency, increased pressure on oil firms to reduce trade with Tehran following the visit of a senior U.S. diplomat, an official source familiar with the matter said. "Another round of calls (was made) to re-emphasize the broader implications of doing business with Iran, the companies are receptive," the source said. The Ministry of Foreign...