Iran Economy NewsChina's May Iran crude imports up 36%, 2nd highest...

China’s May Iran crude imports up 36%, 2nd highest on record

-

Reuters: China’s Iranian crude oil imports expanded 36 percent in May from a year ago to the second highest on record, customs data showed on Monday, and imports in the first five months of 2014 gained nearly 50 percent over the same year-ago period. China, Tehran’s largest oil client, has since late 2013 been stepping up purchases from the OPEC country.

BEIJING (Reuters) – China’s Iranian crude oil imports expanded 36 percent in May from a year ago to the second highest on record, customs data showed on Monday, and imports in the first five months of 2014 gained nearly 50 percent over the same year-ago period.

China, Tehran’s largest oil client, has since late 2013 been stepping up purchases from the OPEC country after a landmark November nuclear deal eased some sanctions on Iran, making up the main portion of Asia’s higher imports since then.

Asian buyers are expected to import about 1.25 million-1.3 million barrels per day (bpd) of Iranian oil in the six months through June, mostly owing to China’s increases, industry and government sources have said.

Iran and six world powers met last week in Vienna to narrow differences and keep alive hopes of reaching a final nuclear deal by late July.

China’s May imports at 3.22 million tonnes, or 757,900 bpd, eased from a record high of nearly 800,000 bpd in the previous month.

Top refiner Sinopec Corp has since last November been lifting full contract volumes or more of Iranian oil deemed cheaper versus similar grades from Saudi Arabia, industry officials have told Reuters.

The increases were both a result of the state refiner’s new push to cut crude procurement costs and the easing sanctions environment, they said.

Also contributing to strong import figures were imports started around last August by an independently-run petrochemicals company in southeast China of condensate, a very light crude oil from Iran’s South Pars gas project. China counts condensate as crude oil.

The supplies have until now been on spot or semi-term basis. But from around August, they would be under a one-year term deal that was reached between state-run trader Zhuhai Zhenrong Corp and National Iranian Oil Company (NIOC).

Iran now ranks No.3 among the top suppliers, according to customs, with growth in the January-May period the fastest among China’s top suppliers, outpacing that of Iraq, Oman, Angola and Russia. (Reporting by Chen Aizhu and Judy Hua; Editing by Muralikumar Anantharaman)

Latest news

Iran: People of Khoy Still Reeling From 5.9-Magnitude Earthquake

An earthquake with a magnitude of 5.9 struck northwest Iran on Saturday, killing at least three people and injuring...

Iran’s Unsolvable Air Pollution Problem

Air pollution will remain at dangerous levels and will increase for the next few days in most big cities,...

The World Must Acknowledge the Iranian People’s Right to Self-defense

Victor Hugo once said: “When dictatorship is a fact, revolution becomes a right.” Throughout history, this has been the...

Iran: 60% Of Population Is Poor

The livelihood baskets of the Iranian people are shrinking dramatically. This, in turn, has introduced new concerns to protect...

The implications of EU’s terrorist designation of the Revolutionary Guards (IRGC)

The European Parliament called on January 18 for the European Union to list Iran's Revolutionary Guards (IRGC) as a...

Iran’s Regime Is Hiding Human Rights Violations In Its Prisons

With more than four months into Iran’s latest round of nationwide uprisings, the brutality of the Iranian regime’s security...

Must read

Thais say North Korea arms were Iran-bound

International Herald Tribune: A large shipment of North Korean weapons...

Iran Gave Hezbollah $400 Million From Hostage Payments Received From the US

Iran Focus  London, 10 May - In 2016, the US...

You might also likeRELATED
Recommended to you