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China to buy oil from Iran, stops US purchase

An executive from China's Dongming Petrochemical Group, an independent refiner from Shandong province of China, says the refinery has stopped purchase of crude oil from the US and is going to buy crude from Iran.

China to buy oil from Iran, stops US purchase
(Saturday, July 14, 2018) 12:44
Japan Today daily quoted the executive as saying on condition of anonymity that China government is to levy tariff on import of crude from the US and will concentrate on oil purchase from West Africa and Middle East, including Iran.

He said a trade dispute between the US and China had prompted the idea for replacing the US oil with Iranian crude in China's future purchases.

The official said China government focuses on oil purchase from Middle East mostly and tariff increase on crude imports from the US is under investigation.

The daily also quoted John Driscoll, director of consultancy JTD Energy, as saying that oil supply is a vital issue for China.

He said China enforces the policy of tit-for-tat and does not dare to levy duty on the US goods.
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