Iran has delivered the first crude oil to a Chinese refinery complex when, in May, the US removed all sanctions for Iranian oil customers, including the largest buyer China, Bourse & Bazaar, and quotes an analysis from TankerTrackers.com.
According to TankerTrackers, a medium-sized Suezmax vessel named SALINA and owned by the National Iranian tanker company (NITC) loaded about 1 million barrels of crude oil from Iran and departure on May 28. The tanker arrived on June 20 at the Jinxi Refining and Chemical Complex in China in a first independent thought tracking statement that China is forcing the US sanctions against Iran's oil exports.
The arrival of an Iranian riot in the Jinxi complex, which is ultimately owned and operated by the state giant China National Petroleum Corporation (CNPC), suggests that China resumes Iranian crude oil imports as part of a government policy, according to Bourse & amp; Bazaar.
Iran's oil exports will largely depend on how China will continue its crude oil imports from the Islamic Republic, if at all, after the US removed the sanctions, IHS Markit said in an analysis earlier this month.
Although the US is pushing to drive Iranian oil exports to zero, China is not expected to cut entirely from the crude imports from Iran, according to Fotios Katsoulas, liquid bulk consultant analyst, Maritime & Trade at IHS Markit.
Still, Chinese oil imports from Iran are likely to be very low for a long time to come, Katsoulas says.
China has criticized the US decision to close the sanctions and some Chinese refineries may continue to buy Iranian oil during the US-China trade war, and Beijing could simply remove US sanctions against Iranian oil.
China's total crude oil imports fell in May from a monthly record in April when Chinese refineries drastically reduced Iranian oil imports after the end of the US exemptions, and some state refiners were offline for scheduled maintenance.
By Tsvetana Paraskova for Oilprice.com
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