Some 20 million barrels of Iranian oil sitting on China's shores in the nor...
SINGAPORE - Some 20 million barrels of Iranian oil sitting on China’s shores in the northeast port of Dalian for the past six months now appears stranded as the United States hardens its stance on importing crude from Tehran.
The oil is being held in so-called bonded storage tanks at the port, which means it has yet to clear Chinese customs. Despite a six-month waiver to the start of May that allowed China to continue some Iranian imports, shipping data shows little of this oil has been moved. “No responsible Chinese company with any international exposure will have anything to do with Iran oil unless they are specifically told by the Chinese government to do so,” said Tilak Doshi of oil and gas consultancy Muse, Stancil & Co in Singapore.
“Iran is now desperate and will deal with anyone with steep discounts as long as they get paid somehow,” said Doshi.Some Iranian oil sent to Dalian has moved, according to a ship tracking analyst at Refinitiv. Zhenrong was started in the 1990s and brokered the first oil supply deals between Iran and China. At that time, Iran was supplying oil to China to pay for arms supplied by Beijing during the 1980-88 Iran-Iraq war.An official at the general manager’s office with Zhuhai Zhenrong’s office in Beijing said he could not immediately comment. The company did not reply to a fax seeking comment.
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