ePaper

Saturday, May 26, 2018

Iran asks Chinese oil buyers to maintain imports

  • Print

A senior official at Iran's state-owned oil supplier met Chinese buyers this week to ask them to maintain imports after US sanctions kick in, three people familiar with the matter said, but failed to secure guarantees from the world's biggest consumer of Iranian oil.

The sources told Reuters Saeed Khoshrou, director of international affairs at the National Iranian Oil Company (NIOC), held separate meetings in Beijing on Monday with top executives at Chinese oil giant Sinopec's trading unit and state oil trader Zhuhai Zhenrong Corp to discuss oil supplies and seek assurances from the Chinese buyers.

Khoshrou was accompanying Iran's foreign minister Javad Zarif in the first stop of a tour of world powers before traveling on to Europe. Tehran is mounting a last-ditch effort to save a 2015 nuclear deal that Washington has abandoned, with plans to impose unilateral sanctions including strict curbs on Iran's oil exports. "During the meeting, Mr. Khoshrou conveyed Mr. Zarif's message that Iran hopes China will maintain the levels of imports," said one person briefed on the meetings.

China, the world's top crude oil buyer, imported around 655,000 barrels a day on average from Iran in the first quarter of this year, according to official Chinese customs data - equivalent to more than a quarter of Iran's total exports.

Chinese executives did not make firm commitments but said as state oil companies they will fall in line with Beijing's wishes, the person said.

The visit was the NIOC marketing chief's second to Beijing this year - he also met with Chinese customers about a month ago. A second person with direct knowledge of the discussion, said Chinese firms "shared the same hope to maintain purchases", adding companies are still assessing the possible impact of the new sanctions.

The people familiar with the matter declined to be identified because they are not authorized to speak to media. Sinopec and Zhuhai Zhenrong declined to comment. NIOC did not immediately respond to a request for comment.

-Reuters, Beijing

More News For this Category

US bill would force cos to disclose software probes

| By
US tech companies would be forced to disclose if they allowed American adversaries, like Russia and China, to examine the inner workings of software sold to the U.S.
US bill would force cos to  disclose software probes

Oil prices fall as OPEC and Russia weigh output boost

| By
Oil prices fell on Friday as OPEC and Russia considered easing supply curbs to offset disruptions in Venezuela and an expected drop in Iranian exports.Russian Energy
Oil prices fall as OPEC and Russia weigh output boost

Iran's first female manufacturer, a victim of Trump

| By
She fought through a male-dominated world to become perhaps Iran's first female manufacturing boss, and was on the cusp of major success with the help of a European
Iran's first female manufacturer, a victim of Trump

Philippines to cut 14pc poverty rate by 2022: ADB

| By Business Desk
The Asian Development Bank (ADB) has expressed optimism that the Philippines will meet its target to cut poverty rate by 14 percent by 2022, the government said on
Philippines to cut 14pc poverty rate by 2022: ADB

US natural gas poised for global rise

| By
The United States produces natural gas in abundance and is poised to become the world's third-largest exporter by 2020, a production ramp-up supported by President Donald Trump.
US natural gas poised for global rise

US Commerce's Ross to visit China in June

| By
US Commerce Secretary Wilbur Ross will visit China early next month for another round of talks amid ongoing trade frictions between the world's two largest economies.Ross

Global stocks fall

| By
Global stocks slid on Thursday, with persistent global trade worries compounded when Washington suddenly canceled a nuclear summit with North Korea. Wall Street started the day

Asian stocks fall as Trump ditches Kim summit

| By
Asian markets mostly fell on Friday as Donald Trump shocked the world by pulling out of next month's historic summit with Kim Jong Un, though analysts said the

Trump to raise new doubts on US-China trade deal

| By
President Donald Trump cast doubt Wednesday on the prospects for talks that are designed to head off a trade war between the United States and China. Four days
Trump to raise new doubts on US-China trade deal

Asian investors cautious as tariff threat hit autos

| By
Asian markets were mixed Thursday with traders concerned about the China-US trade deal and Donald Trump's summit with Kim Jong Un, while automakers were hit by news Washington
Asian investors cautious  as tariff threat hit autos

© 2018 The Asian Age