The Annual Offshore Oil & Gas Event
- |
- Chinese
China International United Petroleum & Chemical Company has boosted monthly crude imports from Iran to levels similar to 2011.
The official at China Petroleum & Chemical Corporation said that shipments from Iran received by the unit known as Unipec averaged 270,000 to 280,000 barrels a day in April and May in line with last year. Imports fell in the Q1 after Unipec which accounts for half of China's crude purchases from the Persian Gulf nation failed to agree on annual payment terms with National Iranian Oil Company.
Ms Hillary Clinton US Secretary of State said that China, the biggest buyer of Iranian crude, faces US sanctions because of the purchases. India, South Korea, Turkey, South Africa, Malaysia, Sri Lanka and Taiwan were given 6 month exemptions from the sanctions because they significantly reduced the volume they buy. Japan and 10 European Union nations were granted waivers in March.
Mr Barack Obama president of US signed a bill on December 31 that denies access to the US financial system to any foreign bank that processes payments for Iranian oil. The sanctions are part of an attempt by Western nations to halt the Islamic Republic's nuclear program. A European Union embargo that includes a ban on insuring tankers carrying Iranian crude takes full effect starting July 1st 2012.
Mr Liu Weimin spokesman of Foreign Ministry said that China imports crude from Iran based on its economic needs and its trading is completely lawful and reasonable.
The official said that Sinopec's full year purchases from the country will be about 20% less than last year because of the Q1 drop and China's total deliveries from Iran will fall 15% to 20%.
The 26rd Beijing International Offshore Oil & Gas Exhibition is an annual gathering of petroleum and petrochemical industry. With a magnificent exhibition space of around 120,000 sqm, 18 national pavilions.Read More >
Exhibitor Login