approaching sanctions: iran fills china's oil

Posted by deaguero at 2020-03-14

Reading time: 1 min

20.10.2018 21:28

Iran is storing millions of barrels of oil at the North-East Chinese port of Dalian in order to provide China with sufficient supplies before the US sanctions come into force.

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Reuters'English service reports that the National Iranian Tanker Company (NITC) has shipped 20 million barrels of oil to the north-east Chinese port of Dalian. The shipment should arrive before US sanctions against the Iranian oil and gas sector on 4th. November 2018 enters into force." We have different possibilities to sell our oil and when the tankers reach Dalian, we will decide whether we will sell it to other customers or to China,"said an anonymous source from the Iranian shipping industry.

In Dalian, usually between one million and three million barrels of Iranian oil arrive monthly. The port has some of the largest refineries and commercial oil deposits in China. The third largest producer of OPEC, Iran, has the problem that the number of oil customers is falling due to the forthcoming sanctions.

Iran stored oil in Dalian during the first round of sanctions in the year 2014. The oil was later sold to South Korea and India.

In mid-October, Iranian Vice-President Eshaq Jahangiri said Iran was ready to counter US sanctions. The government in Tehran has already found new partners to sell Iranian oil.