Fujairah-Owned Company Claims Stake in Oil Cargo Seized by U.S.

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    By Lucia Kassai (Bloomberg) —

    A company owned by the Emirate of Fujairah claimed a stake in an oil cargo that the U.S. alleges was from Iran, in violation of sanctions, and seized last year.

    Fujairah International Oil & Gas Corp., wholly owned by Sheikh Hamad bin Mohammed Al Sharqi, the ruler of the emirate, claims it’s an intermediary seller of the cargo and that it is Iraqi oil, according to a document filed in federal court in the District of Columbia.

    The U.S. alleges that Iran’s Islamic Revolutionary Guard Corps and the IRGC-Quds Force covertly shipped the oil abroad.

    Read more by visiting gCaptain.

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