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UAE-based Royal Oyster denies importing fuel to Iran

United Arab Emirates-based Royal Oyster Group, one of the companies facing U.S. sanctions for trade with Iran, denied it was involved in importing fuel into Iran.

May 25, 2011 3:55 by

“We think this is unfair,” an executive at the company said on the condition of anonymity. “We knew there is no problem of exporting out of Iran, but there is problem in importing and we were on the export side.”

“We were taking some base oils and bringing them to places like Oman, India and the UAE,” he added.

The United States on Tuesday announced sanctions on Venezuela’s state oil company PDVSA and six other oil and shipping companies for engaging in trade with Iran in violation of a U.S. ban, adding further pressure on the Islamic Republic after the European Union on Monday said it extended the sanctions. (Reporting by Humeyra Pamuk, Editing by Reed Stevenson)

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