China’s crude imports from Iran more than double



REUTERS

Published — Tuesday 24 December 2013

Last update 23 December 2013 11:43 pm

| نسخة PDF Print News | A A

BEIJING: China’s daily crude imports from Iran in November more than doubled those in October to their second-highest point this year, customs data showed on Monday, bringing shipments for the year close to last year’s levels.
The jump means Iran’s biggest oil customer and trade partner has very little room to boost shipments from the Islamic Republic further. A breakthrough agreement last month between Tehran and world powers allows the OPEC member to keep exports at the current reduced levels of about 1 million barrels per day (bpd), less than half the pre-sanctions level.
The deal also exempts buyers of Iranian oil, most of whom are based in Asia, from continually reducing purchases to earn a six-monthly waiver granted by the United States from sanctions.
However, China’s imports for the first 11 months are down just 0.6 percent from a year ago, leaving it with little scope for importing more without the risk of breaching sanctions.
In contrast, Iran’s second-biggest customer India has a lot more room to buy more and still win the next waiver from US sanctions because of the steep cuts made in imports earlier in the year.
The US State Department extended a six-month Iranian sanctions’ waiver at the end of November to China, India, South Korea and other countries for reducing purchases of Iranian crude oil earlier this year.
China, Iran’s largest oil client, imported 538,513 barrels per day (bpd) of crude from the Islamic nation last month, up 25.9 percent versus the same month last year, data from the General Administration of Customs showed on Monday.
The November imports more than double October’s 249,848 bpd, a 40-month low after one regular buyer skipped imports for maintenance.
For the first 11 months, China’s Iranian oil imports were down 0.6 percent year-on-year at 19.29 million tons, or 421,520 bpd, customs data showed.
Chinese oil officials estimated late last year that domestic refiners would cut their Iran shipments at least 5 percent this year from 21.92 million tons, or an average 438,450 bpd for 2012, putting its maximum target for 2013 at around 416,400 bpd.
But that target did not include imports by Dragon Aromatics, an independent petrochemicals firm that started taking in condensate, a very light crude oil, from Iran around the middle of the year to feed its newly started condensate splitter.
The firm, which has an annual import quota of four million tons of condensate, has brought in an average of 66,000 bpd of Iranian South Pars condensate in recent months, traders say.
Iran and six world powers clinched a deal in late November to curb Tehran’s nuclear program in exchange for initial sanctions relief, signaling the start of a game-changing rapprochement that would reduce the risk of a wider Middle East war.
China’s total crude imports in November rose 0.8 percent from a year earlier to 5.73 million bpd.

What's happening around Saudi Arabia

TAIF: Makkah Gov. Prince Khaled Al-Faisal inaugurated state-of-the-art Radf public park in Taif which has an interactive fountain — the biggest of its kind in the Kingdom and spread over 13,000 sq meters. The fountain has colored lighting and a displ...
JEDDAH: The Special Criminal Court has issued a preliminary order in a case related to a Saudi national who fought with militant organizations in Syria. The court, functioning at its summer headquarters in Jeddah, sentenced him to a seven-year jail t...
RI YADH: The Kingdom has decided to increase the financial aid to Palestine by raising its monthly aid to the Palestinian Authority’s budget from $14 million to $20 million. The substantial increase brings Saudi Arabia’s yearly aid for Palestine to $...
JEDDAH: The Saudi Ambassador to Jordan has rejected terror charges against Saudis incarcerated in Iraqi jails and slammed the government of that country for concealing information on the inmates."The file of Saudi prisoners in Iraq has grabbed the at...
JEDDAH: Six female members of the Shoura Council participated in a training program to raise awareness among citizens on the municipal elections in which women will participate. The program was organized by Al-Nahda Philanthropic Society for Women un...
RIYADH: Custodian of the Two Holy Mosques King Salman has issued an order appointing and promoting 96 members at the Bureau of Investigation and Public Prosecution (BIPP) at various ranks.Sheikh Mohammed bin Fahd Al Abdullah, BIPP president, expresse...
DAMMAM: After the recent increase in verbal and physical harassment of women and girls in the Kingdom, they have turned to martial arts in order to protect themselves. Amani Yassin, a coach at Taekwondo Training Institute, said: “Saudi women are inte...
RIYADH: A youth has been arrested for allegedly killing a Saudi man near the Madinah airport recently. The police apprehended the alleged killer without incident. The suspect, a 24-year-old Saudi, is alleged to have stabbed the victim several times...
RIYADH: A total of 4,326 male and female students started their local and regional summer program for 2015 under the sponsorship of the King Abdul Aziz and his Companions Foundation for the Gifted and Creativity (Mawhiba) throughout the Kingdom on Su...
BURAIDAH: The security patrolling team in Qassim detained a woman for driving a car on the streets of Buraidah.Her case was referred to the higher-ups for necessary action.According to Maj. Badar Al-Sahibani, spokesman Qassim police, the woman is ide...
RIYADH: Recent statistics announced by the Saudi Commission for Health Specialties, which coincided with consensus surveys in the Kingdom for the year 2014, revealed that there is only one doctor for each 800 people, and one nurse for every 285 peopl...
Indian expats have paid glowing tributes to one of its most beloved presidents and iconic leaders on Tuesday, as condolences poured in from various parts of the Kingdom for A.P.J. Abdul Kalam following his sudden death on Monday.Hemant Kotalwar, char...
RIYADH: The National Center for Assessment in Higher Education (Qiyas) has announced the dates of tests for male and female students for the new academic year.Ibrahim Rasheed, director for public relations and communications, said the center has com...
RIYADH: The Ministries of Health and Education in cooperation with the Kingdom’s universities launched a program dubbed, “Education and Work,” in Riyadh on Tuesday to help Saudi youth find employment in the public and private sectors. A memorandum of...
JEDDAH: A senior Health Ministry official said butchers and cooks are more likely to be infected with the coronavirus because they handle and process camel meat.Dr. Abdul Aziz bin Saeed, undersecretary at the Ministry of Health for Public Health, sai...

Stay Connected

Facebook