China Petrochemical Corp (Sinopec Group) and China National Petroleum Corp (CNPC...
SINGAPORE - China Petrochemical Corp and China National Petroleum Corp , the country’s top state-owned refiners, are skipping Iranian oil purchases for loading in May after Washington ended sanction waivers to turn up pressure on Tehran, three people with knowledge of the matter said.
China is Iran’s largest oil customer with imports of 475,000 barrels per day in the first quarter of this year, according to Chinese customs data. All of the people with knowledge of the matter requested anonymity due to the sensitive nature of the topic. They later resumed bookings after the U.S. granted waivers to China and other seven global clients of Iranian oil, and purchased additional cargoes to make up the delayed shipments, according to the third source and trade flow data.
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