The country's Strategic Fuel Fund has rejected allegations that it broke UN
sanctions by purchasing 4m barrells of Iraqi crude oil last year. The SFF says that it has
all the UN paper work permitting the deal in its possession. The fund may wonder were the
allegations have originated, and it is likely that they did so from one of the many
quarters opposed to the existence of bodies like the SFF and its parent The Central Energy
Fund. Both were established as sanctions-busting organisations in the late 70's, when
non-binding UN oil sanctions were beginning to tighten, and the government of Iran (the
then major crude supplier) looked in danger of falling. The CEF and its agencies took over
purchasing oil on behalf of the domestic industry, supplying both the refineries and the
strategic reserves. The local industry believes that the fund"s usefulness is spent,
and would rather trade for their own account. Try looking there.
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