Top oil exporter dumps Iran in favor of Israel

Monday, December 07, 2009 |  Israel Today Staff

Swiss trading company Glencore, a top international exporter of refined oil and gasoline, has decided to significantly reduce its business with Iran and to bolster cooperation with Israel, reported Paris-based newsletter Intelligence Online.

According to the report, Glencore does business with a number of rogue nations, many of them more defiant and in violation of international law than Iran. However, Iran's open hostility toward Israel has apparently angered Glencore's management.

While Iran has plenty of oil, it lacks the refinement facilities to turn that oil into gasoline and other fuels, and therefore relies on companies like Glencore, which until recently was one of three principal suppliers of gasoline to the Islamic Republic.

Glencore has been supplying oil to Israel since 1973, and the company's previous majority stockholder, Marc Rich, was a very close friend of the Jewish state. In the past, Rich actually purchased large quantities of oil from Iran and then resold it to Israel at discount.

The bulk of Glencore's security force today is made up of retired Israeli army commandoes.

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