Middle east Oil and Gas Monitor: 07.13.10
Summary: On June 25, the US Congress voted overwhelmingly in favour of legislation that provides for penalties on companies supplying petrol to Iran, as well as on international banking institutions involved with suspect Iranian organisations including, but not limited to, the Islamic Revolutionary Guards.
The new law targets petrol suppliers because of Iran’s dependence on imported fuel. Despite its status as one of the world’s largest oil producers, Iran does not have sufficient refining capacity to cover its own fuel consumption.