Saudi's UASC Resumes Iran Biz
By Aiswarya Lakshmi
Thursday, January 21, 2016
Amid political rivalry between the Islamic Republic of Iran and Saudi Arabia, United Arab Shipping Company (UASC) is resuming business with Iran following the lifting of Western sanctions, reports Reuters.
Saudi Arabia is one of the shipping line's main shareholders. Other Gulf nations which hold stakes in UASC also have difficult relations with Iran.
Commercial considerations for UASC were more important than political difficulties, said a highly placed source.
Kuwait-headquartered UASC told Reuters on Wednesday it had "started accepting shipments to and from Iran".
"It is important to note that a number of sanctions are still in place, therefore, the ability to accept cargo volumes to/from Iran will continue to be based on UASC's strict internal compliance check, which is in line with the international laws and applicable sanctions," it said in a statement.
A nuclear deal between world powers and Iran led to the removal on Saturday of international oil export prohibitions as well as restrictions on banking, insurance and shipping.
Sunni Muslim Saudi Arabia has grave reservations about the lifting of sanctions on its main regional rival, with which it cut ties earlier this month after its Tehran embassy was attacked following Riyadh's execution of a Shi'ite cleric.