China Keeps Importing Iranian Oil Despite US Sanctions
Iran has delivered the first crude oil to a Chinese refinery complex since the United States removed all sanction waivers for Iranian oil customers as of May.
According to TankerTrackers, a medium-sized Suezmax vessel, named SALINA and owned by the National Iranian Tanker Company, loaded around 1 million barrels of crude oil from Iran and departed on May 28 , RT reported.
The tanker arrived on June 20 at Jinxi Refining and Chemical Complex in China in a first independent tanker-tracking confirmation that China is defying the US sanctions on Iran’s oil exports.
The arrival of an Iranian crude cargo at the Jinxi complex, which is owned and operated by state giant China National Petroleum Corporation, suggests that China is resuming Iranian crude oil imports as part of a government policy.
Last month, TankerTrackers said on May 16 that it sighted what was the first confirmed export of crude oil out of Iran since the end of all US waivers on May 2. Iran’s oil exports will greatly depend on how China will proceed with its crude oil imports from the Islamic Republic, if at all, after the US removed the sanction waivers, IHS Markit said in an analysis earlier this month.
“Despite the US push to drive Iranian oil exports to zero, China is not expected to totally cut off its crude imports from Iran,” Fotios Katsoulas, liquid bulk principal analyst for maritime and trade at IHS Markit, said.
Still, Chinese oil imports from Iran will likely be very low for a long period of time going forward, Katsoulas added.
China has criticized the US decision to end the sanction waivers and some Chinese refiners may continue to buy Iranian oil amid the US-China trade war and Beijing could simply brush off the US sanctions on Iranian oil.
source: Financial Tribune
Top News
Five last month
Two last year
US Energy Dept finalizes $2.26bn loan for Lithium Americas’ Nevada mine
Abandoned copper mines embraced as fast track to boost output
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Mercuria eyes equity in African assets, new metals boss says
Glencore posts lower metals output for first nine months, reiterates outlook
Gold price surge adds glitter to tarnished miners
Traders see gold as a surefire bet as coin-toss election looms
Anglo American sells Australian coal JV stake for $1.1 billion
Gold price shows little reaction to jobs data
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
Liberty Gold advances Black Pine project permitting
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years