Swedish firms and petrol prices affected by US-Iran sanctions

Swedish firms and petrol prices affected by US-Iran sanctions

 

Swedish firms turn backs on Iran
Swedish firms reduce their Iran activities after Washington reintroduces its sanctions against Tehran, Dagens Nyheter writes. Truck manufacturer Scania has already cancelled its Iran orders and counts on heavy losses in its businesses. “This is a tough setback for us. We have worked with a long-term aspiration in Iran, in effort to rebuild an old vehicle fleet and Iran is a large market for us, particularly when it comes to buses,” Scania spokeswoman Karin Hallstan said. Scania delivers 5000 trucks and buses to Iran every year, representing some 5% of the company’s revenue. US sanctions took effect on Tuesday 7 August. The EU meanwhile tries to rescue the existing nuclear deal following US abandonment.

Swedish petrol prices climb amid US-Iran sanctions
Oil prices rose on 7 August when the US sanctions against Iran took effect. The sanctions that target the Iranian oil sector will come into effect only in November 2018. In addition to US sanctions, Sweden’s rising petrol prices are partly caused by the Swedish government’s fossil free legislation that favours greener energy sources over petrol, yielding new heights at SEK16.26 for a litre of 95-octane petrol and SEK15.86 for diesel respectively, reports TT for Omni. According to Metro, Swedish petrol prices are now fifth highest in Europe, and a study from early this year showed that they were amongst the highest in the world, some 60% above the global average.

Sean is responsible for Mundus’ strategy and commercial activities. He began his career in the oil industry Australia. After working internationally in commercial roles with BP in South Africa, the UK and Singapore he moved to Sweden with his family in 2009. He worked in business development and then as the Strategy and Growth Director for NASDAQ Commodities from 2009 to 2015. Sean holds an engineering degree from Adelaide University and an MBA from the Darden Business School at the University of Virginia.