China to take more Iranian oil,boosting Asia’s total-sources

[link to www.themalaysianinsider.com]


Iran's Oil Minister Bijan Zanganeh talks to journalists before a meeting of OPEC oil ministers in Vienna today. Iran put OPEC on notice of its plans to raise output swiftly with the help of foreign investors immediately after any lifting of sanctions imposed ofer its nuclear programme. –

China is set to take more Iranian crude than it did before tough sanctions were put in place in early 2012, as Asia's biggest refiner Sinopec Corp buys more oil from the Middle East nation, sources with direct knowledge of China's buying strategy said.

Western sanctions over the past few years had reduced Iran's crude shipments to less than half and crippled its economy by choking the flow of petrodollars.

Some of those measures were eased following a breakthrough diplomatic deal last November in return for Tehran curtailing its nuclear programme.

Higher purchases by Chinese state refiner Sinopec mean Iran's top clients - China, Japan, India and South Korea - are expected to jointly import around 1.25 million-1.3 million barrels per day in the January-June period, according to five industry and government sources with knowledge of oil sourcing in these countries.

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Last Edited by Uncle Fuck Stick on 06/11/2014 07:06 AM