News | January 5, 2014

NIOC - National Iranian Oil Company : China In Talks With Iran For More Crude Oil Imports

According to Reuters quoted industry sources, China's state-trader Zhuhai Zhenrong Company has started talks with the National Iranian Oil Company (NIOC) for a condensate contract.

A trading official involved in the talks said China is to purchase 240,000 barrels per day (bpd) of crude oil from its main supplier, Iran, in 2014.

He said senior Zhenrong officials are likely to visit Tehran in the coming weeks to finalize the agreement for next year.

Zhenrong's subsidiary, Tianjin Zhenrong International Energy Corp., is to buy condensate from Iran for delivery to Dragon Aromatics petrochemical plant which has been buying 66,000 bpd of condensate produced in Iran's giant South Pars gas field.

China more than doubled its crude oil imports from Iran in November month-on-month amid hopes for sanctions relief on the Islamic Republic, customs data released on December 23 Showed.


SOURCE: Tianjin Zhenrong International Energy Corp.