Saturday, August 6, 2011

More Iran oil in China despite sanctions


An Iranian oil tanker (file photo)

Source: Press TV
http://www.presstv.ir/detail/192572.html

China has increased crude oil imports from the Islamic Republic of Iran by 40 percent in spite of the United States sanctions on Iran's energy sector.

China's Sinopec Corp. is importing around 90,000 barrels a day of a super light crude from Iran, 40 percent more than previously reported, Reuters reported on Friday.

Sinopec is taking the South Pars condensate from the National Iranian Oil Company (NIOC) under a term deal that started in January, a main factor behind the rise in China's crude oil imports from Iran in the first half of the year, the report added.

The volume is 40 percent larger than the annual supply of 24 million barrels reported earlier.

The deal to supply the super light crude, an ideal feedstock to make petrochemicals and worth $3 billion a year, was part of a broader alliance the two national oil firms clinched under which Asia's largest refiner would upgrade and build refineries in Iran.

According to the report, Iran shipped about 15 million barrels of condensate from its giant South Pars gas project to at least three Sinopec refineries -- Tianjin, Zhenhai and Maoming -- where the light crude oil is used to feed ethylene crackers.

The condensate, making up 16 percent of China's total crude imports from Iran, has helped bolster China's Iranian oil purchases to about 540,000 barrels per day between January and June.

The report comes despite US-engineered sanctions on Iran over Western allegations that Tehran is developing a military nuclear program.

Iranian officials refute such allegations and stress that as a member of the International Atomic Energy Agency and a signatory to the Nuclear Non-Proliferation Treaty, the country has a legitimate right to pursue peaceful nuclear technology.

No comments:

Post a Comment

Thanks for commenting on this post. Please consider sharing it on Facebook or Twitter for a wider discussion.

Russia Today (Live)

World News 2017

South Front Military Review 2017

Syria - News 2017

US News 2017

The Russian Perspective

Debate – Global Issues 2017

Current Affairs - Important Interviews – 2017

Important Information 2016 - 2017

Yemen News 2017

Turkey News 2017

Ukraine News 2016 - 2017

Palestine & Israeli Crime 2017

Iraq News 2017

Iran News 2016 - 2017

Important Documentaries

Viewpoint, Discussion & Opinion - 2017

Abby Martin – Empire Files

Global Economic News 2017

Egypt News 2016 - 2017

Libya News 2016 - 2017

Bahrain News 2016 - 2017

Sheik Imran Hosein - Islamic Eschatology

George Galloway – Comment & Opinion

English FA Cup 2016 – 2017

New Age Weather

Space News

Music for the Revolutionary Mind

Global Revolution LIVE!

Watch live streaming video from globalrevolution at livestream.com

Japan’s 3 Nuclear Meltdowns STILL ongoing (News Censored)