Nearly 50 Million Liters of Gas Exported from Iceland Skip to content

Nearly 50 Million Liters of Gas Exported from Iceland

By Iceland Review

Approximately 46 million liters of gasoline, which Finnish oil company Neste Oil had stored in oil tanks belonging to Icelandic oil distribution company Olíudreifing in Hvalfjördur fjord, west Iceland, since December, were sent to the US on Wednesday where it will be sold with high estimated profits.

In the US the average price of gas has increased by 27 percent over the past five months, from around USD 3.00 (EUR 1.90) for one gallon to almost USD 3.80 (EUR 2.50) per gallon, Morgunbladid reports.

The retail price of 46 million liters of gas in the US was around USD 36.5 million (EUR 23.5 million) in December, but yesterday the same amount would have sold for USD 46.5 million (EUR 30.0 million).

Neste Oil rented seven of Olíudreifing’s nine oil tanks in Hvalfjördur to store gas because they did not have room for it in Finland. The oil company had always planned to export it from Iceland.

Reynir Gudlaugsson, the general manager of Iceland-based oil trading company Lomacon, which had an interposition on the rent of the oil tanks, said foreign oil companies may use the tanks in Hvalfjördur again for storing fuel.

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