The State-owned China Petroleum and Chemical Corp (Sinopec) was cited by Platts as saying that the crude purchases from Iran “are moving in line with demand”, adding that the upcoming US sanctions have not had any impact on China's oil imports from Iran.
US withdrew from the Iran nuclear deal dubbed JCPOA on May 8 and gave foreign companies doing business with Iran a deadline to abandon their projects, otherwise they would receive punitive measures from US extra-territorial sanctions.
Meanwhile, China’s state-owned energy major CNPC has voiced readiness to take over Total’s stake in the Iranian South Pars gas project if the French company decides to leave over US sanctions.
The Sinopec executive added, however, that the Chinese government decision to levy a 25% tariff on American energy products may make it inviable to import crudes from the US.
MS
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