Swiss trader traded thousands of tonnes of alumina with Iranian Aluminium Company, says report
Glencore has traded large quantities of alumina feedstock to Iranian Aluminium Company (Iralco), which supplies aluminium to the Iran’s nuclear programme, Reuters reported, citing intelligence and diplomatic sources.
The Switzerland-based commodities major reportedly traded thousands of tonnes of the mineral last year with Iralco in exchange for a smaller amount of aluminium metal.
Iralco, which has a supply contract with Iran Centrifuge Technology Company (Tesa) was subjected to EU sanctions in December 2012. Glencore announced it has since stopped trading after learning about the Iralco-Tesa relationship.
Barter deals with Iranian companies have become increasingly common as Western sanctions against Iran’s financial and industrial sectors have tightened over the last year.