The Wall Street Journal reported that approximately three million barrels of stranded Iranian oil in China are being loaded for sale at sea. The report expressed concerns that the revenue from these sales might be used to bolster the Iranian regime’s proxy groups in the region.
On Saturday, January 11, the Wall Street Journal cited informed sources saying that after negotiations between Iran and China in late November and December, Beijing finally agreed last month to allow the departure of Iranian oil shipments.
According to the Wall Street Journal sources, China had previously not responded positively to Iran’s requests to remove its stranded oil from the country.
A few days ago, Reuters reported that Iran’s regime is attempting to release 25 million barrels of its oil, which have been stranded in two Chinese ports for nearly six years.
These 25 million barrels of oil were gradually delivered to China by 2018. However, starting in 2019, when the Trump administration canceled waivers related to such transactions, no buyers could be found for the oil, which became stuck in rented storage tanks in Dalian and Zhoushan ports.
Iran’s Efforts to Reclaim 25 Million Barrels of Stranded Oil in Chinese Ports
According to the Wall Street Journal, two oil tankers, Mid Star and CH Billion, recently headed to Dalian Port to load part of Iran’s oil.
The report stated that the Mid Star tanker left this port earlier this month with two million barrels of oil. Meanwhile, the CH Billion tanker is believed to still be at the port, preparing to load 700,000 barrels of oil.
According to the report, the Mid Star tanker left the port earlier this month with two million barrels of oil, while the CH Billion tanker is believed to still be at the port, preparing to load 700,000 barrels of oil.
Sources from the Wall Street Journal stated that the Mid Star tanker turned off its international signal for three days before arriving at Dalian Port. After loading its cargo, it headed toward South Korean waters to transfer its shipment to another vessel.
The Chinese official reiterated that Beijing opposes the “unilateral, illegal, and unreasonable sanctions imposed by the United States.”
Iran has turned to complex shipping networks to circumvent sanctions and sell its oil. Even if a Chinese buyer wants to purchase Iran’s stored oil, the cargo must first leave China and have its documentation altered to classify it as non-Iranian oil.
The Wall Street Journal reported that the value of Iran’s stranded oil in China currently exceeds $2 billion, but Tehran owes approximately $1 billion in rental fees for storage tanks in two Chinese ports.
The Journal, citing informed sources, noted growing concerns about the departure of three million barrels of Iranian oil from Chinese ports and Tehran’s efforts to sell them, allegedly managed by the Islamic Revolutionary Guard Corps (IRGC).
The report claims that Iran’s regime has allocated the revenue from this action to the IRGC, which is engaged in arming and funding the regime’s proxy groups across the Middle East.
Reports indicate that alongside its efforts to continue arming its supported groups in the Middle East, Tehran also provides financial support for rebuilding civilian infrastructure in areas under their control.
On Sunday, January 12, the Associated Press reported that Hezbollah, which had funded part of the $2.8 billion reconstruction after the 2006 war, has now begun compensating residents of southern Lebanon with financial assistance from Iran.
According to the report’s sources, some families have received payments ranging from $194 to $14,000. Hezbollah has also mobilized 145 reconstruction teams with over 1,250 engineers and hundreds of analysts and accountants, all funded by Iran.
