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Samsung Total Petrochemicals strikes feedstock deal with Iran, report says

9:49 AM MST | January 25, 2013 | Francinia Protti-Alvarez

Samsung Total Petrochemicals (STP; Seoul), a joint venture between Samsung and Total, has reinstated a contract to purchase Iranian crude oil after a one-year hiatus, Reuters reports. STP, facing thin margins in the plastics market, is attracted by cheap feedstock costs, the report says. Japanese and Korean crude oil buyers have found ways to circumvent international sanctions on Iran without violating them, the report adds.   STP and Total each stopped buying Iranian crude last year to comply with sanctions on Iran. The decision resulted in a 90% fall...

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