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Spain: Saudis promise to make up for loss of Iran oil

By REUTERS

JANUARY 24, 2012 00:51

BRUSSELS - Saudi Arabia promised Spain that it will make up for supplies of oil its loses as a result of EU sanctions on Iran and at the same price, Spain's foreign minister said on Monday.

Spain buys about 10 percent of its oil from Iran and Foreign Minister Jose Manuel Garcia-Margallo said he had spoken to Spanish oil firms before coming to Brussels for Monday's sanctions decision and they had told him they had secured alternative sources of supply.

He also said he had received assurances from Saudi Arabia personally.

"I paid a visit to Saudi Arabia and Saudi Arabia is one of the countries in the region which is just as interested as us that Iran does not continue its nuclear escalation," he told a news briefing.

"They (the Saudis) will guarantee the supply and they will maintain the prices."

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