Chinese consumers of Iranian oil move their cargoes to Iranian tankers

To keep the volume of Iranian oil supplies at the same level after the introduction of US sanctions against Iran, Chinese oil consumers are beginning to move their cargoes to vessels belonging to the National Iranian Tanker company, Reuters reports. Thus, China, the largest consumer of Iranian oil, intends, despite sanctions, to continue to purchase oil from Iran. According to sources familiar with the situation, the state oil company Zhuhai Zhenrong and Sinopec Group put into effect one of the provisions of the long-term supply agreement with the National Iranian Oil Corporation. Under this provision, deliveries will be made at the supplier's expense, and Iran will cover all costs and risks associated with the delivery of oil.

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