Chinese buyers of Iranian oil are starting to shift their cargoes to vessels owned by National Iranian Tanker Co. (NITC) for nearly all of their imports to keep supply flowing amid the re-imposition of economic sanctions by the US, Reuters reported Tuesday. The shift demonstrates that China, Iran’s biggest oil customer, wants to keep buying […]
Chinese buyers of Iranian oil are starting to shift their cargoes to vessels owned by National Iranian Tanker Co. (NITC) for nearly all of their imports to keep supply flowing amid the re-imposition of economic sanctions by the US, Reuters reported Tuesday.
The shift demonstrates that China, Iran’s biggest oil customer, wants to keep buying Iranian crude despite the sanctions, which were put back after the United States withdrew in May from 2015 Iran nuclear deal.
In the face of US pressure on other countries to stop doing business with Iran after the country’s unilateral and unlawful pullout from the nuclear deal, China has said it is opposed to any unilateral sanctions and has defended its commercial ties with Iran.
To safeguard their supplies, state oil trader Zhuhai Zhenrong Corp. and Sinopec Group, Asia’s biggest refiner, have activated a clause in its long-term supply agreements with National Iranian Oil Corp. (NIOC) that allows them to use NITC-operated tankers, Reuters quoted four sources with direct knowledge of the matter.
