April 9, 2012 / 12:00 PM / 7 years ago

Spain says imports less Iran crude, more Nigerian

MADRID, April 9 (Reuters) - Spain's crude imports from Iran dropped in
January, while its supplies from Nigeria and Iraq rose sharply, just as the
European Union imposed sanctions on the Islamic Republic, official data showed
on Monday.	
    In its latest monthly bulletin, strategic hydrocarbons reserve board CORES
estimated Spain had imported 279,000 tonnes of crude oil from Iran, a drop of 31
percent from December. 	
    As a proportion of total imports, Iranian crude fell to 6 percent in January
from 9.5 percent in December, which compares with around 14 percent in previous
months.	
    Spain, which needs to import virtually all of its crude, ramped up imports
in January from Nigeria, Iraq and Libya, where production has been returning to
normal after last year's civil war.	
    The European Union imposed sanctions on Iran on Jan. 23 over the Islamic
republic's nuclear programme, although importers have until July 1 to execute
previously signed contracts. 	
    Trade sources say they expect Spain's crude imports from Iran to have
dropped further in February.	
    Spain's biggest refiner, Repsol, has repeatedly declined to comment
on details of its oil purchases, but in February the government said the
country's two biggest oil companies had arranged to switch imports from Iran to
Saudi Arabia, Russia and, to a lesser extent, Iraq.  	
   Cepsa, Spain's No. 2 refiner, has said it plans to source crude from the
United Arab Emirates.  	
    Repsol has the capacity to refine 890,000 barrels per day and Cepsa, which
is owned by Abu Dhabi investment vehicle IPIC, 430,000 bpd.	
    Following is a table of Spanish crude imports as supplied by CORES, in
thousands of tonnes:  	
    	
 ORIGIN        Dec 2011  PCT TOTAL  Jan 2012  PCT TOTAL  mth/mth 
 Saudi Arabia      822        19.2       689       14.9  -16.2 pct
 Iran              407         9.5       279        6.0  -31.4 pct
 Nigeria           630        14.7       836       18.1   32.7 pct
 Iraq              371         8.7       657       14.2   77.1 pct
 Libya              81         1.9       326        7.1  302.5 pct
 Venezuela         N/A         0.0       262        5.7       N/A 
 Other OPEC        N/A         0.0       186        4.0       N/A 
 Russia            399         9.3       414        9.0    3.8 pct
 Mexico            712        16.6       433        9.4  -39.2 pct
 Others            855        20.0       538       11.6  -37.1 pct
 TOTAL           4,277       100.0     4,620      100.0    8.0 pct
 	
 (Reporting By Martin Roberts, editing by Jane Baird)
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