European refiners have started to sever links with Iran, stopping spot purchases of crude ahead of a European Union meeting later this month that could impose a full oil embargo on Tehran.
Industry executives and oil traders say some refiners have either stopped or have reduced new purchases of Iranian oil, although they continue to receive monthly oil supplies under earlier long-term agreements or term contracts, which they cannot break without incurring penalties.
Other refining officials and several oil traders confirmed a reduction in spot deals.
Traditionally, refiners buy two-thirds of their oil under term contracts and the rest on the spot market, although the precise split varies from company to company. – (Copyright The Financial Times Ltd 2012)
and.......
Ireland will not require a second bailout package, Taoiseach Enda Kenny has said.
Mr Kenny was in London for talks today with British prime minister David Cameron.
He acknowledged the country faced “very significant economic challenges” but insisted that it was starting to see “positive results” from its austerity programme.
Speaking after Downing Street talks with Mr Cameron, the Taoiseach said the meeting had been “very cordial, very friendly”.
He said the pair agreed to meet again to discuss closer economic ties, insisting trade between Britain and Ireland was “absolutely fundamental” to both nations.
Mr Cameron reiterated his commitment to being a “central player” in Europe and the leaders will work together on ideas for putting growth at the heart of all EU decisions, Mr Kenny said.
He added: “We discussed the question of the single market, which David Cameron has been very strong about at his meetings in Brussels over the past period.
“What we agreed to do here was that, as distinct from the inter-governmental discussions that are going on about fiscal discipline and the treaty, that in regard to the single market that we would work on a series of ideas about putting growth central to the decisions Europe takes, be they directives or be they regulation.
“The prime minister reiterated his belief and commitment to being a central player in the European Union and it is important for the European Union that Britain be a central player and be seen to be a central player.”
http://www.irishtimes.com/newspaper/breaking/2012/0112/breaking2.html
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