Sep 1, 2018, 5:26 PM
News Code: 83019271
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China still buyer of Iranian oil

Beijing, Sept 1, IRNA - While the US is pushing to bring Iranian oil exports and its revenues to zero, China has been supporting Tehran as Iran's first trading partner in two sectors: buying oil and investing in the oil industry.

China, as the world's largest energy market, experiencing the fastest growth, is a strategic partner for Iran as one of the world's largest suppliers of energy.

As the US sanctions on Iran's oil are booming, Washington sent two officials to satisfy China to cut off oil imports from Iran.

The team, after three days of talks with Chinese authorities, could not persuade Beijing to cut off oil imports from Iran and eventually China rejected the US request.

Along with China's demand for Iranian oil as well as the proper political relations between the two countries, what has added to China's strong motivation for purchasing Iran's oil is China-US trade war and US unilateralism in the battle and the possibility of imposing a US tariff on imports of oil.

Sinopec, the trading arm of China's national oil company and the largest oil refinery in Asia, suspended the import of crude from the United States.

By changing the oil purchasing program from the United States by this big company, oil experts believe that China will supply its shortages from Iran.

'We do not care about the US sanctions if we buy oil from Iran,' said the director of the International Division of the China Petroleum Industry and Petrochemical Industries Federation on the purchase of China's oil from Iran. 'It is a very common trade process between the two countries and has nothing to do with the United States. China believes that oil, gas and other commercial and economic spheres should not be subject to US sanctions.'

Andrei Yu, in an interview with the Islamic Republic News Agency (IRNA), said China and many other markets are depended on Iran's oil, saying that Chinese companies would in all circumstances need oil from the Islamic Republic of Iran and buy oil from the country.

An outstanding member of the China Institute of Politics and the World Economy also emphasized China's lack of respect for US oil sanctions against Iran in oil imports. US sanctions against Iran's oil exports are meaningless and will be defeated because the world needs Iran's oil.

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