21 February 2019

China may raise Iran oil imports with new contract, Reuters says

State-owned trader Zhuhai Zhenrong Corp. is negotiating a new light crude contract with Iran that could raise China’s imports from the Islamic republic to levels not seen since tough Western sanctions were imposed in 2012, Reuters reported Tuesday. An increase would go against the spirit of a breakthrough agreement in November between Tehran and the group known as P5+1 — made up of the United States and five other global powers — which suspended efforts to reduce Iran’s crude sales but required buyers to hold to “current average amounts” of Iranian oil imports, according to the news agency. Zhenrong, which was sanctioned by Washington in early 2012 for supplying gasoline to Iran, is in talks with the National Iranian Oil Company (NIOC) for the new contract, the report said, adding that it was not clear how much would be imported under the new deal.

– Contact HKEJ [email protected]



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