Reuters: Swiss Gunvor in April will start exporting oil from the USA

Reuters: Swiss Gunvor in April will start exporting oil from the USA

NEW YORK, March 11. Swiss oil trader Gunvor is planning in April 2016 to begin exporting oil from the US, reported Reuters.

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The first tanker with American oil arrived in Europe

According to him, in April, the tanker of Aframax oil tankers (deadweight from 80 to 120 thousand tons) will depart from Freeport Texas to Panama, where the company warehouse. Batch size is not specified.

In December 2015 the United States Congress adopted a Federal budget for 2016, which laid the provisions on the lifting of the ban on exporting American oil. It was introduced in 1975 in the period of energy crisis caused by the conflict in the middle East. Since then, the company’s U.S. supplied abroad only refined products, including gasoline.

The first delivery of American oil after lifting the embargo took place in early January of this year – an oil tanker owned by ConocoPhillips from the us, went from the city of Corpus Christi (Texas) in a European port January 1. The party is intended for the Swiss-Dutch company Vitol, one of the largest petrotraders in the world.

Russian businessman Gennady Timchenko in March 2014, he sold his stake in Gunvor the day before the introduction against him of Western sanctions. In October of the same year, the trader announced its withdrawal from Russian assets. Earlier, Gunvor was one of the largest exporters of Russian oil.