WASHINGTON: The Trump administration is poised to tell five nations, including allies Japan, South Korea and Turkey, that they will no longer be exempt from US sanctions if they continue to import oil from Iran, officials said Sunday.
Secretary of State Mike Pompeo plans to announce on Monday that the administration will not renew sanctions waivers for the five countries when they expire on May 2, three US officials said. The others are China and India.
It was not immediately clear if any of the five would be given additional time to wind down their purchases or if they would be subject to US sanctions on May 3 if they do not immediately halt imports of Iranian oil.
The officials were not authorized to discuss the matter publicly and spoke on condition of anonymity ahead of Pompeo’s announcement.
The decision not to extend the waivers, which was first reported by The Washington Post, was finalized on Friday by President Donald Trump, according to the officials. They said it is intended to further ramp up pressure on Iran by strangling the revenue it gets from oil exports.
The administration granted eight oil sanctions waivers when it re-imposed sanctions on Iran after Trump pulled the US out of the landmark 2015 nuclear deal. They were granted in part to give those countries more time to find alternate energy sources but also to prevent a shock to global oil markets from the sudden removal of Iranian crude.
US officials now say they do not expect any significant reduction in the supply of oil given production increases by other countries, including the US itself and Saudi Arabia.
Since November, three of the eight — Italy, Greece and Taiwan — have stopped importing oil from Iran. The other five, however, have not, and have lobbied for their waivers to be extended.
NATO ally Turkey has made perhaps the most public case for an extension, with senior officials telling their US counterparts that Iranian oil is critical to meeting their country’s energy needs. They have also made the case that as a neighbor of Iran, Turkey cannot be expected to completely close its economy to Iranian goods.
US poised to end waivers for 5 countries importing Iranian oil
US poised to end waivers for 5 countries importing Iranian oil
- Japan, South Korea, Turkey, China and India were exempted from sanctions until May 2
- Since November, Italy, Greece and Taiwan have stopped importing oil from Iran
PIF and RSAH to build integrated aluminum complex in Yanbu
RIYADH: An advanced integrated aluminum complex is set to be developed in Yanbu after Saudi Arabia’s Public Investment Fund agreed initial terms with Red Sea Aluminium Holdings.
The project, announced at the Future Minerals Forum in Riyadh, will be operated by Red Sea Aluminium Industrial and will introduce advanced smelting and continuous-casting technologies.
It is expected to include one of the Middle East’s largest continuous-casting facilities for high-value downstream aluminum products, according to a press release.
The collaboration marks a significant step in PIF’s strategy to build globally competitive industrial ecosystems, diversify Saudi Arabia’s economy, and strengthen its manufacturing capabilities.
The project will also support the localization of supply chains and position the Kingdom as a regional hub for high-value aluminum products.
Muhammad Al-Dawood, head of industrials and mining sector at the sovereign wealth fund, said: “PIF continues delivering on its mandate by further developing globally competitive industrial ecosystems that drive Saudi Arabia’s economic transformation and diversification.”
He added: “RSAI would secure the supply of downstream aluminum products to meet global and local demand.”
RSAH, a joint venture between Innovation Global Industries, Innovation New Materials, and Shandong Innovation Group, will leverage its shareholders’ expertise as some of the world’s leading producers of downstream aluminum.
“RSAI aims to become a global downstream aluminum leader, embedded within Saudi Arabia’s industrial and energy ecosystem and designed from day one to meet the needs of international customers,” said Tom Northover, executive board director of RSAH.
He added: “We are pleased to partner with PIF and leverage its extensive investment knowledge and scale. Our investment in Yanbu reflects the fundamental strength of Saudi Arabia as a global center for advanced industry.”
PIF’s investment in the aluminum complex complements its broader portfolio in strategic sectors such as automotive, power and utilities, electronics, and construction.
The project is also expected to promote workforce development through technical training and skills-building initiatives aligned with global best practices.
The initial terms remain subject to final agreements, including the completion of transaction documents, regulatory approvals, and fulfillment of condition precedents.
