Singapore seizes oil tanker owned by sanction-hit FAL Oil:

(Reuters) - Singapore authorities have seized a fuel oil tanker operated by financially troubled FAL Oil Company due to its failure to pay Germany's DVB Bank around $3 million in debt, two industry sources familiar with the matter said on Friday. United Arab Emirates-based FAL Oil, which was blacklisted by Washington in January for its links to Iran, has until the end of next week to contest the step and prevent the Khorfakkan tanker being handed over to DVB Bank.

Full article: http://singaporenewsalternative.blogspot.com/2012/07/sing...

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